EX-12.1 3 forms32017ex121.htm EXHIBIT 12.1 Exhibit

Exhibit 12.1
Safeguard Scientifics, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands except ratios)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months
 
 
 
 
 
 
Ended
 
 
 
 
 
 
June 30,
 
 
Year Ended December 31,
 
 
 
2017
 
 
2016
 
 
2015
 
 
2014
 
 
2013
 
 
2012
 
Net income (loss) from continuing operations before income taxes
 
$
(51,194)
 
 
$
(22,262)
 
 
$
(59,524)
 
 
$
(5,149)
 
 
$
(35,525)
 
 
$
(39,362)
 
Adjusted for equity (income) loss
 
 
40,499
 
 
 
(671)
 
 
 
39,599
 
 
 
15,335
 
 
 
12,607
 
 
 
26,517
 
Plus: fixed charges
 
 
3,404
 
 
 
4,811
 
 
 
4,637
 
 
 
4,588
 
 
 
4,495
 
 
 
5,824
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted earnings
 
$
(7,291)
 
 
$
(18,122)
 
 
$
(15,288)
 
 
$
14,774
 
 
$
(18,423)
 
 
$
(7,021)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (1)
 
$
3,310
 
 
$
4,634
 
 
$
4,523
 
 
$
4,402
 
 
$
4,303
 
 
$
5,636
 
Portion of rental expense representative of the interest factor
 
 
94
 
 
 
177
 
 
 
114
 
 
 
186
 
 
 
192
 
 
 
188
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
$
3,404
 
 
$
4,811
 
 
$
4,637
 
 
$
4,588
 
 
$
4,495
 
 
$
5,824
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
 
-
 
 
 
-
 
 
 
-
 
 
 
3.2
 
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deficiency of earnings to cover fixed charges
 
$
10,695
 
 
$
22,933
 
 
$
19,925
 
 
$
-
 
 
$
22,918
 
 
$
12,845
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Includes interest expense from continuing operations and discontinued operations, amortization of debt issuance costs and amortization of debt discount.


- 1 -