EX-12.1 9 v384021_ex12-1.htm EXHIBIT 12.1

Exhibit 12.1

 

RATIO OF EARNINGS TO FIXED CHARGES

 

The table below sets forth our ratio of earnings to fixed charges on a historical basis for the periods indicated. The information set forth in the table should be read in conjunction with the financial information incorporated by reference into this prospectus supplement.

 

 

   Three Months ended
3/31/2014
   Twelve Months ended
12/31/2013
   Twelve Months ended
12/31/2012
   Twelve Months ended
12/31/2011
   Twelve Months ended
12/31/2010
   Twelve Months ended
12/31/2009
 
Interest expense  $858,000   $3,508,000   $2,307,000   $907,000   $1,661,000   $ 
Pre-tax Income (loss)  $(4,745,000)  $(19,639,000)  $929,000   $753,000   $18,720,000   $(3,092,000)
Total earnings  $(3,887,000)  $(16,131,000)  $3,236,000   $1,660,000   $20,381,000   $(3,092,000)
Ratio of earnings to fixed charges   (4.5)   (4.6)   1.4    1.8    12.3    N/A 

 

The ratios are calculated by dividing earnings by fixed charges. For the purposes of computing the ratio of earnings to fixed charges, earnings consist of pretax income from continuing operations plus fixed charges. Total earnings is computed as pre-tax income (loss) adjusted for interest expense since fixed charges consist only of interest expense.