EX-12.1 3 ex12_1.htm EXHIBIT 12.1
Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
  
Fiscal Year Ended December 31,
  
 
  
2008
    
2009
    
2010
    
2011
    
2012
    
2013
  
 
  
(dollars in thousands)
    
 
Ratio of earnings to fixed charges
  
   
   
   
   
   
 
Earnings:
  
   
   
   
   
   
 
Earnings available for fixed charges
  
$ 
(38
)
  
$ 
(1,596
)
  
$
20,184
    
$
27,473
    
$
5,965
    
$ 
(7,662
)
Add:
                                                
Fixed charges
    
231
      
64
      
74
      
-
      
1
      
1
  
Total income/(loss) for computation of ratio
  
$
193
    
$ 
(1,532
)
  
$
20,258
    
$
27,473
    
$
5,966
    
$ 
(7,661
)
 
                                                
Fixed charges:
                                                
Total interest expense
  
$
193
    
$
47
    
$
57
    
$
0
    
$
1
    
$
1
  
Interest factor in rents a
    
38
      
17
      
17
      
-
      
-
      
-
  
Total fixed charges
  
$
231
    
$
64
    
$
74
    
$
0
    
$
1
    
$
1
  
 
                                                
Ratio of earnings to fixed charges b
    
0.84
      
(23.94
)
    
273.76
    
NM
      
5,966
      
(7,661
)

(a) Interest component of rental expense is estimated based on interest on tenant improvement loan at 4%, which is considered a reasonable approximation of the interest factor.

(b) In 2009, earnings were weak from the global financial crisis. In 2011, there was no fixed charge .

NM = ratio not meaningful