EX-12.1 6 ex12_1.htm EXHIBIT 12.1

Exhibit 12.1
 
STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
                                 
3 Months Ended
March 31,
 
(dollars in thousands)
 
2013
   
2014
   
2015
   
2016
   
2017
   
2018
 
Ratio of earnings to fixed charges
                                   
Earnings:
                                   
Income (loss) before income taxes and cumulative effect of change in accounting principle
 
$
(26,857
)
 
$
(17,225
)
 
$
(29,226
)
 
$
(28,436
)
 
$
(17,275
)
 
$
(7,225
)
Add:
                                               
Fixed charges
   
-
     
-
     
-
     
-
     
-
     
-
 
Amortization of capitalized interest
   
-
     
-
     
-
     
-
     
-
     
-
 
Distributed income of equity investees
   
-
     
-
     
-
     
-
     
-
     
-
 
Share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges
          
-
              
-
              
-
              
-
              
-
              
-
   
Less:
                                               
Capitalized interest
   
-
     
-
     
-
     
-
     
-
     
-
 
Preference security dividend requirements of consolidated subsidiaries
   
-
     
-
     
-
     
-
     
-
     
-
 
Non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges
   
-
     
-
     
-
     
-
     
-
     
-
 
Total earnings
 
$
(26,857
)
 
$
(17,225
)
 
$
(29,226
)
 
$
(28,436
)
 
$
(17,275
)
 
$
(7,225
)
                                                 
Fixed charges:
                                               
Total interest expense
   
-
     
-
     
-
     
-
     
-
     
-
 
Capitalized interest
   
-
     
-
     
-
     
-
     
-
     
-
 
Interest factor in rents
   
-
     
-
     
-
     
-
     
-
     
-
 
Total fixed charges
 
$
-
   
$
-
   
$
-
   
$
-
   
$
-
   
$
-
 
                                                 
Ratio of earnings to fixed charges
   
N/A
     
N/A
     
N/A
     
N/A
     
N/A
     
N/A