EX-12.1 5 exhibit121ratioofearningst.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

ON DECK CAPITAL, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(in thousands, except ratios)


 
Year Ended December 31,
 
2012
 
2013
 
2014
 
2015
 
2016
Earnings:
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations before adjustment for income or loss from equity investees
$
(16,844
)
 
$
(24,356
)
 
$
(18,708
)
 
$
(2,231
)
 
$
(85,482
)
Plus: fixed charges
8,624

 
15,289

 
18,356

 
22,052

 
35,273

Total Earnings
(8,220
)
 
(9,067
)
 
(352
)
 
19,821

 
(50,209
)
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
8,382

 
14,767

 
17,598

 
20,550

 
32,862

Estimate of interest within rental expense (1)
242

 
522

 
758

 
1,502

 
2,411

Total Fixed Charges
8,624

 
15,289

 
18,356

 
22,052

 
35,273

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (2)
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
Deficiency (3)
$
16,844

 
$
24,356

 
$
18,708

 
$
2,231

 
$
85,482



(1) Management believes that one-third of total rental expense is a reasonable estimate of interest within rental expense.
(2) For each of the periods presented, the Ratio of Earnings to Fixed Charges and Ratio of Earnings to Fixed Charges and Preferred Stock Dividends were the same and therefore are not being presented separately.
(3) Our earnings were insufficient to cover fixed charges for each of the periods presented. For the years ended December 31, 2012, 2013, 2014, 2015 and 2016, we would have needed to generate additional earnings in the amounts as presented in the table for the respective periods to achieve a ratio of 1:1 in each of those periods.