EX-12.1 2 a2225454zex-12_1.htm EX-12.1

Exhibit 12.1

 

STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

(Unaudited)

 

 

 

Year ended December 31,

 

(dollars in thousands)

 

2010

 

2011

 

2012

 

2013

 

2014

 

Ratio of earnings to fixed charges

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$

14,248

 

$

(19,580

)

$

15,154

 

$

16,344

 

$

13,205

 

Add:

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

5,626

 

5,436

 

3,632

 

3,442

 

3,947

 

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 plus fixed charges

 

$

19,874

 

$

(14,144

)

$

18,786

 

$

19,786

 

$

17,152

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expensed and capitalized

 

$

2,962

 

$

2,485

 

$

809

 

$

113

 

$

65

 

Amortized premiums, discounts and capitalized expenses relating to indebtedness

 

—

 

—

 

—

 

—

 

—

 

Estimate of interest within rental expense(1)

 

2,664

 

2,951

 

2,823

 

3,329

 

3,882

 

Total fixed charges

 

$

5,626

 

$

5,436

 

$

3,632

 

$

3,442

 

$

3,947

 

Ratio of earnings to fixed charges(2)

 

3.5

 

—

 

5.2

 

5.7

 

4.3

 

 

(1)

Consists of 33% of rental expense, which we believe to be a reasonable estimate of an interest factor in our leases.

(2)

In the fiscal year ended December 31, 2011, earnings were insufficient to cover fixed charges by $19.6 million. As of the date of this prospectus, we have no shares of preferred stock outstanding and, consequently, our ratio of earnings to combined fixed charges and preference dividends and ratio of earnings to fixed charges would be identical.