EX-12.1 5 exhibit121both.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1

Statement of Computation of Ratio of Earnings to Fixed Charges

 
 
Year Ended December 31,
 
 
(dollars are in thousands, except ratios)
 
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
 
Income from Continuing Operations, Before Provision (Benefit) for Income Taxes
 
$
36,145

 
$
(171,527
)
 
$
(96,257
)
 
$
4,583

 
$
5,042

Plus:
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
30,560

 
26,316

 
11,539

 
10,132

 
15,505

Amortization of capitalized interest
 
843

 
140

 
—

 
—

 
—

Minus:
 
 
 
 
 
 
 
 
 
 
Capitalized Interest
 
(1,385
)
 
(1,329
)
 
—

 
—

 
—

The noncontrolling interest in pretax income of subsidiaries that have not incurred fixed charges
 
(12,587
)
 
(11,264
)
 
(13,011
)
 
(9,171
)
 
(6,447
)
Total Earnings
 
$
53,576

 
$
(157,664
)
 
$
(97,729
)
 
$
5,544

 
$
14,100

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expenses (1)
 
$
9,294

 
$
8,042

 
$
2,446

 
$
883

 
$
8,042

Amortization of debt discount or premium
 
10,758

 
7,376

 
—

 
—

 
—

Amortization of capitalized expenses related to debt
 
628

 
494

 
343

 
143

 
—

An estimate of the interest component of rent expense
 
8,495

 
9,075

 
8,751

 
9,105

 
7,463

Capitalized interest
 
1,385

 
1,329

 
—

 
—

 
—

Total Fixed Charges
 
$
30,560

 
$
26,316

 
$
11,540

 
$
10,131

 
$
15,505

 
 
 
 
 
 
 
 
 
 
 
Total Ratio of Earnings to Fixed Charges: (2)
 
1.8

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 

(1) Excludes interest on uncertain tax positions, which is recorded in Provision (benefit) from income taxes.
(2) For the years ended December 31, 2016, 2015, 2014 and 2013 our earnings were insufficient to cover by $184.0 million, $109.3 million, $4.6 million, and $1.4 million, respectively. As a result of such deficiencies, the ratios are not presented above.