Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
| Year Ended December 31, | |||||
| 2016 | 2015 | 2014 | 2013 | 2012 | |
Fixed Charges: |
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| |
Interest expensed and capitalized | 2,800 | 2,645 | 2,368 | 408 | 51 | |
Amortization of debt discount | 1,839 | 1,809 | 1,567 | 87 | — | |
Amortization of convert loan establishment fee | 100 | 100 | 100 | — | — | |
Total Fixed Charges (as defined) | 4,739 | 4,554 | 4,035 | 495 | 51 | |
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Earnings: |
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| |
Loss from operations before income taxes | (19,605) | (15,143) | (10,684) | (20,294) | (19,361) | |
Fixed Charges | 4,739 | 4,554 | 4,035 | 495 | 51 | |
Total Earnings (as defined) | (14,866) | (10,589) | (6,649) | (19,799) | (19,310) | |
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Coverage Deficiency | (19,605) | (15,143) | (10,684) | (20,294) | (19,361) | |
