Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Six Months | ||||||||||||||||||||||||
| Ended | Fiscal Year Ended December 31, | |||||||||||||||||||||||
| June 30, 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
| Income (loss) before tax | $ | 8,454 | $ | 11,080 | $ | 3,374 | $ | (19,787 | ) | $ | 8,371 | $ | 33,257 | |||||||||||
| Adjustments: | ||||||||||||||||||||||||
| Interest expense | $ | 2,295 | $ | 4,599 | $ | 4,634 | $ | 4,631 | $ | 4,598 | $ | 4,602 | ||||||||||||
| Interest component of rental expense (1) | $ | 384 | $ | 750 | $ | 782 | $ | 668 | $ | 597 | $ | 615 | ||||||||||||
| Noncontrolling interest | $ | - | $ | - | $ | (498 | ) | $ | (89 | ) | $ | (162 | ) | $ | (80 | ) | ||||||||
| Income (loss) before tax as adjusted | $ | 11,133 | $ | 16,429 | $ | 8,291 | $ | (14,577 | ) | $ | 13,404 | $ | 38,394 | |||||||||||
| Fixed Charges: | ||||||||||||||||||||||||
| Interest expense | $ | 2,295 | $ | 4,599 | $ | 4,634 | $ | 4,631 | $ | 4,598 | $ | 4,602 | ||||||||||||
| Interest component of rental expense (1) | $ | 384 | $ | 750 | $ | 782 | $ | 668 | $ | 597 | $ | 615 | ||||||||||||
| Total fixed charges | $ | 2,679 | $ | 5,349 | $ | 5,416 | $ | 5,299 | $ | 5,195 | $ | 5,217 | ||||||||||||
| Ratio of earnings to fixed charges | 4.16 | 3.07 | 1.53 | * | 2.58 | 7.36 | ||||||||||||||||||
| (1) | Interest component of rental expense is estimated to equal 1/3 of such expense, which is considered a reasonable approximation of the interest factor. |
| * | Earnings for the fiscal year ended December 31, 2011 were inadequate to cover fixed charges. The coverage deficiency was $19.9 million. |
