EX-12.1 5 d771748dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

    

 

 

 

 

 

Year ended December 31,

     Six Months
Ended
June 30,
2014		  
(dollars in thousands)    2009     2010     2011     2012     2013    

Ratio of earnings to fixed charges

             

Earnings:

             

Income (loss) before income taxes

   $ (8,837 )    $ (12,768 )    $ (10,932 )    $ (17,708 )    $ (29,281 )    $ (25,510 ) 

Add:

             

Fixed charges

      438        269        875        1,099        2,338        2,799   

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

      2,551        4,351        5,251        7,533        4,653        —     

Non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges

      —          —          —          —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings

    $ (10,950 )    $ (16,850 )    $ (15,308 )    $ (24,142 )    $ (31,596 )    $ (22,711 ) 

Fixed charges:

             

Total interest expense

    $ 320      $ 94      $ 599      $ 804      $ 1,942      $ 2,551   

Capitalized interest

      —          —          —          —          —          —     

Interest factor in rents(1)

      118        175        276        295        396        248   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 438      $ 269      $ 875      $ 1,099      $ 2,338      $ 2,799   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges(2)

      —          —          —          —          —          —     

 

(1) Consists of one-third of rental expense, which we believe to be a reasonable estimate of an interest factor in our leases.
(2) In the fiscal years ended December 31, 2009, 2010, 2011, 2012 and 2013, and the six months ended June 30, 2014, earnings were insufficient to cover fixed charges by $11.4 million, $17.1 million, $16.2 million, $25.2 million, $33.9 million and $25.5 million, respectively. 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.