Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for the three months ended March 31, 2017 and the years ended December 31, 2016, 2015, 2014, 2013 and 2012.
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| For The Three Months Ended March 31, |
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| For The Year Ended December 31, | ||||||||||||||||||
(in thousands) |
| 2017 |
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| 2016 |
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| 2015 |
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| 2014 |
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| 2013 |
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| 2012 | ||||||
Fixed charges: |
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Interest expense |
| $ | 874 |
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| $ | 3,031 |
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| $ | 3,210 |
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| $ | 2,761 |
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| $ | 901 |
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| $ | 516 |
Capitalized interest |
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| 48 |
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| 129 |
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| 105 |
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| 76 |
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| 82 |
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| 154 |
Portion of rental expense which represents interest factor |
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| 15 |
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| 74 |
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| 97 |
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| 132 |
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| 89 |
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| 12 |
Total Fixed charges |
| $ | 937 |
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| $ | 3,234 |
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| $ | 3,412 |
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| $ | 2,969 |
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| $ | 1,072 |
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| $ | 682 |
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Earnings available for fixed charges: |
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Earnings before income taxes |
| $ | 3,792 |
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| $ | 15,600 |
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| $ | 14,645 |
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| $ | 418 |
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| $ | 7,369 |
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| $ | 5,119 |
Add: Fixed charges |
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| 937 |
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| 3,234 |
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| 3,412 |
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| 2,969 |
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| 1,072 |
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| 682 |
Less: Capitalized interest |
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| (48) |
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| (129) |
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| (105) |
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| (76) |
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| (82) |
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| (154) |
Less net (earnings) or add net loss attributable to noncontrolling interests |
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| (638) |
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| (4,598) |
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| (1,471) |
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| 2,321 |
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| 106 |
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| 0 |
Total Earnings available for fixed charges |
| $ | 4,043 |
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| $ | 14,107 |
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| $ | 16,481 |
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| $ | 5,632 |
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| $ | 8,465 |
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| $ | 5,647 |
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Ratio of earnings to fixed charges |
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| 4.32 |
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| 4.36 |
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| 4.83 |
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| 1.90 |
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| 7.90 |
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| 8.28 |
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