EX-12.1 5 nstg-ex121.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1

STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
Fiscal Year Ended December 31,
 
Six Months Ended
(dollars in thousands)
 
2012
 
2013
 
2014
 
2015
 
2016
 
June 30, 2017
Ratio of earnings to fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and cumulative effect of change in accounting principle
 
$
(17,708
)
 
$
(29,281
)
 
$
(50,038
)
 
$
(45,415
)
 
$
(46,973
)
 
$
(23,315
)
Add:
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
1,099

 
2,338

 
4,008

 
5,059

 
6,916

 
3,827

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
 
7,533

 
4,653

 

 

 

 

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

 

 

 

 

 

Total earnings
 
$
(24,142
)
 
$
(31,596
)
 
$
(46,030
)
 
$
(40,356
)
 
$
(40,057
)
 
$
(19,488
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Total interest expense
 
$
804

 
$
1,942

 
$
3,540

 
$
4,017

 
$
5,672

 
$
3,029

Capitalized interest
 

 

 

 

 

 

Interest factor in rents (1)
 
295

 
396

 
468

 
1,042

 
1,244

 
798

Total fixed charges
 
$
1,099

 
$
2,338

 
$
4,008

 
$
5,059

 
$
6,916

 
$
3,827

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, 2012, 2013, 2014, 2015, 2016 and the six months ended June 30, 2017, earnings were insufficient to cover fixed charges by $25.2 million, $33.9 million, $50.0 million, $45.4 million, $47.0 million, and $23.3 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.