EX-12 7 exhibit12-computationofrat.htm EXHIBIT 12 Exhibit


Exhibit 12

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (1)
The following table sets forth, for each of the periods presented, our ratio of earnings to fixed charges and our coverage deficiency. You should read this table in conjunction with the financial statements and notes incorporated by reference in this prospectus.
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
2016
 
2015
 
2014
 
2013
Numerator: Earnings
 
 
 
 
 
 
 
 
 
 
Pre-tax income (loss)
 
$
95,339

 
$
(50,720
)
 
$
24,603

 
$
(31,699
)
 
$
(6,056
)
Fixed charges(1)
 
964

 
150

 
460

 
1,277

 
1,758

Total Earnings
 
96,303

 
(50,570
)
 
25,063

 
(30,422
)
 
(4,298
)
 
 
 
 
 
 
 
 
 
 
 
Denominator: Fixed Charges
 
 
 
 
 
 
 
 
 
 
Interest expense
 
648

 
—

 
235

 
1,052

 
1,565

Amortized discounts related to indebtedness
 
167

 
—

 
74

 
98

 
97

Interest expense within rental expense
 
149

 
150

 
151

 
127

 
96

Total Fixed Charges
 
$
964

 
$
150

 
$
460

 
$
1,277

 
$
1,758

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges(2)
 
99.9

 
N/A

 
54.5

 
N/A

 
N/A

 
(1)
Comprised of interest expense associated with the Company’s debt facilities and an estimate of the interest expense within rental expense (estimated as thirteen percent of total rent expense), which is a reasonable approximation of the interest factor.
(2)
We did not record earnings for the years ended December 31, 2016, 2014 and 2013. Accordingly, our earnings were insufficient to cover fixed charges for such periods and we are unable to disclose a ratio of earnings to fixed charges for such periods.