EX-12.1 5 a2230703zex-12_1.htm EX-12.1

Exhibit 12.1

 

STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

For the Year Ended December 31,

 

Nine Months
Ended
September 30,

 

(in thousands)

 

2011

 

2012

 

2013

 

2014

 

2015

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before provision for income taxes

 

$

(19,608

)

$

(75,101

)

$

(24,477

)

$

(47,789

)

$

(64,305

)

$

(33,261

)

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges (calculated below)

 

609

 

4,167

 

2,883

 

1,313

 

4,509

 

3,844

 

Amortization of capitalized interest

 

—

 

—

 

—

 

—

 

24

 

111

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

—

 

—

 

—

 

—

 

(1,974

)

—

 

Total loss

 

$

(18,999

)

$

(70,934

)

$

(21,594

)

$

(46,476

)

$

(61,746

)

$

(29,306

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

66

 

$

3,359

 

$

1,988

 

$

380

 

$

443

 

$

1,885

 

Capitalized interest

 

—

 

—

 

—

 

—

 

1,974

 

—

 

Estimated interest portion of rent expense (1)

 

543

 

808

 

895

 

933

 

2,092

 

1,959

 

Total fixed charges

 

$

609

 

$

4,167

 

$

2,883

 

$

1,313

 

$

4,509

 

$

3,844

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

n/a

 

n/a

 

n/a

 

n/a

 

n/a

 

n/a

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings required to cover fixed charges

 

$

19,608

 

$

75,101

 

$

24,477

 

$

47,789

 

$

66,255

 

$

33,150

 

 

(1)  Represents the estimated portion of rent expense that is considered by the Company to be representative of the interest inherent in such rent expense, which approximates one-third of the related total rent expense.