EX-12.1 3 rlhex12110qq12017.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1





Statement of Computation of Ratios
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
Year to Date
 
2012
2013
2014
2015
2016
 
March 31, 2017
 
(dollars in thousands)
 
 
Fixed charges:
 
 
 
 
 
 
 
Interest expense
$
7,553

$
5,416

$
4,450

$
6,044

$
5,598

 
$
1,661

Amortization of debt discount and related expenses
729

295

125

935

1,166

 
297

Estimate of interest within rental expense
1,812

1,717

1,968

2,450

1,885

 
525

Total fixed charges
$
10,094

$
7,428

$
6,543

$
9,429

$
8,649

 
$
2,483

 
 
 
 
 
 
 
 
Earnings available for fixed charges:
 
 
 
 
 
 
 
Income(loss) from continuing operations before taxes
$
(17,692
)
$
(15,834
)
$
2,559

$
4,156

$
(4,685
)
 
$
(4,956
)
Add: Fixed charges
10,094

7,428

6,543

9,429

8,649

 
2,483

Add: Amortization of capitalized interest
—

—

—

—

15

 
5

Add: Distributed income of equity investees
—

—

—

—

77

 
—

Less: Capitalized interest
—

—

—

(315
)
(362
)
 
—

Total earnings available for fixed charges
$
(7,598
)
$
(8,406
)
$
9,102

$
13,270

$
3,694

 
$
(2,468
)
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges(1)(2)
N/A
N/A
1.39
1.41
N/A
 
N/A
 
 
 
 
 
 
 
 
Deficit of earnings to fixed charges(2)
$
17,692

$
15,834

N/A
N/A
$
4,955

 
$
4,951

 
 
 
 
 
 
 
 
(1) For purposes of computing the ratio of earnings to fixed charges, earnings consist of income from continuing operations before income taxes plus equity in investments and less net income attributable to non-controlling interests. Fixed charges consist of interest, amortization of debt fees and that portion of rent deemed representative of interest. We have not included a ratio of earnings to combined fixed charges and preferred stock dividends because we do not have any preferred stock outstanding.
(2) In 2012, 2013 and 2016, we incurred losses from operations or our earnings were insufficient to cover our fixed charges. As a result, the ratio of earnings to fixed charges is not calculated for these periods as the ratio would be less than 1:1.