Exhibit 12
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| Three Months Ended March 31, 2014 | Year Ended December 31, | |||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | — | $ | — | $ | — | $ | — | $ | 2 | $ | 3 | ||||||||||||
Portion of rental expense which represents interest factor | 138 | 534 | 532 | 527 | 510 | 489 | ||||||||||||||||||
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Total fixed charges before preferred stock dividends pre-tax income requirements | $ | 138 | $ | 534 | $ | 532 | $ | 527 | $ | 512 | $ | 492 | ||||||||||||
Preferred stock dividends pre-tax income requirements | 119 | 1,115 | 710 | 103 | — | — | ||||||||||||||||||
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Total combined fixed charges and preferred stock dividends | $ | 257 | $ | 1,649 | $ | 1242 | $ | 630 | $ | 512 | $ | 492 | ||||||||||||
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Earnings available for fixed charges: | ||||||||||||||||||||||||
Pre-tax (loss) income | $ | (8,961 | ) | $ | (18,226 | ) | $ | (19,240 | ) | $ | (23,776 | ) | $ | (17,963 | ) | $ | 7,502 | |||||||
Add: Fixed charges | 138 | 534 | 532 | 527 | 512 | 492 | ||||||||||||||||||
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Total earnings available for fixed charges and preferred stock dividends | $ | (8,823 | ) | $ | (17,692 | ) | $ | (18,708 | ) | $ | (23,249 | ) | $ | (17,451 | ) | $ | 7,994 | |||||||
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Ratio of earnings to fixed charges and preferred stock dividends | * | * | * | * | * | 16.2X | ||||||||||||||||||
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* Deficiency in earnings to cover combined fixed charges and preferred stock dividends. | $ | (9,080 | ) | $ | (19,341 | ) | $ | (19,950 | ) | $ | (23,879 | ) | $ | (17,963 | ) | $ | — | |||||||
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In computing the ratio of earnings to combined fixed charges and preferred stock dividends, as well as any deficiency of earnings we used the following applicable factors:
| * | Total fixed charges are computed as the sum of interest costs and that portion of rental expense that is representative of the interest factor which is one third. |
| * | Preferred stock dividends pre-tax income requirements consist of the amount of pre-tax earnings required to cover dividends paid on our preferred stock. |
| * | Total earnings available for fixed charges and preferred stock dividends are computed by determining the sum of income (loss) from continuing operations before income taxes and fixed charges, as defined above. |
| * | The ratio of earnings to fixed charges and preferred stock dividends is computed by dividing the total earnings available for fixed charges and preferred stock dividends by the total combined fixed charges and preferred stock dividends. If the ratio is less than 1X the deficiency in earnings to cover combined fixed charges and preferred stock dividends is shown on the next line. |
