EX-12.1 5 ex12-1.htm


Exhibit 12.1

 

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES AND OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

                         
   Three Months                     
   Ended                     
   March 31,   Year Ended December 31, 
   2018   2017   2016   2015   2014   2013 
Income (loss) from continuing operations before adjustment or non controlling interest   (4,473)   (14,027)   (39,288)   (48,665)   (18,429)   (3,472)
Add back:                              
Fixed Charges   3,985    11,581    40,679    44,676    13,279     
Distributed income of equity investees                        
Deduct:                        
Equity in (earnings) loss of equity investees           (230)   85    (175)   589 
Capitalized interest                        
Earnings as Defined   (488)   (2,446)   1,161    (3,904)   (5,325)   (2,883)
                               
Fixed Charges                              
Interest including amortization of deferred financing fees   3,985    11,581    40,679    44,676    13,279     
Capitalized interest                        
Interest portion of rent expense                        
Fixed Charges   3,985    11,581    40,679    44,676    13,279     
Ratio of Earnings to Fixed Charges   (a)    (a)    (a)    (a)    (a)    (a) 
Preferred dividends   956    723                 
Combined Fixed Charges and Preferred Dividends   4,941    12,304    40,679    44,676    13,279     
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends   -0.10    -0.20    0.03    -0.09    -0.40    n/a  
     (b)     (b)     (b)    (b)     (b)     (b) 

 

             
(a) Due to the loss from continuing operations, the ratio coverage was less than 1:1 for the three months ended March 31, 2018 and the years ended December 31, 2017, 2016, 2015, 2014 and 2013. We would have needed to generate additional earnings from continuing operations of $4.5 million, $14 million, $39.5 million, $48.6 million, $18.6 million and $2.9 million for the three months ended March 31, 2018, and the years ended December 31, 2017, 2016, 2015, 2014 and 2013, respectively to achieve a coverage ratio of 1:1.
             
(b) Due to the loss from continuing operations, the ratio coverage was less than 1:1 for the three months ended March 31, 2018 and the years ended December 31, 2017, 2016, 2015, 2014 and 2013. We would have needed to generate additional earnings from continuing operations of $5.4 million, $14.8 million,  $39.5 million, $48.6 million, $18.6 million and $2.9 million for the three months ended March 31, 2018, and the years ended December 31, 2017, 2016, 2015, 2014 and 2013, respectively to achieve a coverage ratio of 1:1.