EX-12.1 4 d476968dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

 

     Years ended December 31,     Nine months
ended
September 30,		  
(in thousands, except for ratio amounts)    2014     2015     2016     2017  

Earnings available for fixed charges:

   

Income before income taxes

    $ 17,074     $ 9,119     $ 19,773     $ 14,002  

Add: Fixed charges

      8,285       9,634       8,559       340  

Less: Capitalized interest

      (453 )      (1,808 )      (132 )      0  

Total earnings available for fixed charges

    $ 24,906     $ 16,945     $ 28,200     $ 14,342  

Fixed charges:

         

Interest expense

    $ 7,832     $ 7,826     $ 8,427     $ 340  

Capitalized interest

      453       1,808       132       —    

Estimate of interest within rental expense

      —         —         —         —    

Total fixed charges

    $ 8,285     $ 9,634     $ 8,559     $ 340  

Ratio of earnings to fixed charges

      3.01       1.76       3.29       42.18  

Preferred stock dividend requirements

      4       5       5       —    

Total fixed charges plus preferred stock dividends

    $ 8,289     $ 9,639     $ 8,564     $ 340  

Ratio of earnings to combined fixed charges and preferred stock dividends

      3.00       1.76       3.29       42.18  

For purposes of calculating the ratio of earnings to fixed charges:

 

  •   “earnings” is the aggregate of the following items: (i) pre-tax income from continuing operations before adjustment for income or loss from equity investees; (ii) plus fixed charges; (iii) plus amortization of capitalized interest; (iv) plus distributed income of equity investees; (v) plus the Company’s share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges; (vi) less interest capitalized; (vii) less preference security dividend requirements of consolidated subsidiaries; and (viii) less the noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges; and

 

  •   “fixed charges” is the sum of the following: (i) interest expensed and capitalized; (ii) amortized premiums, discounts and capitalized expenses related to indebtedness; (iii) an estimate of the interest within rental expense; and (iv) preference security dividend requirements of consolidated subsidiaries.