EX-12.1 6 ex12-1.htm

 

Computation of Ratio of Earnings to Fixed Charges

(In thousands, except ratios)

 

   6 Months    
   Ended   For the Year ended December 31, 
   June 30, 2018   2017   2016   2015   2014   2013 
Earnings                              
Income before provision for income taxes  $10,675   $11,518   $39,252   $9,671   $18,049   $31,008 
Add: Fixed Charges   10,411    19,882    17,191    10,657    9,045    7,886 
Add: Amortization of interest capitalized during prior periods   147    141    116    24    -    - 
Subtract: Capitalized interests   -    (10)   (377)   (1,383)   (145)   - 
Total Earnings  $21,233   $31,531   $56,182   $18,969   $26,949   $38,894 
                               
Fixed Charges (a)                              
Interest expense (including interest component on lease payments and amortization of deferred costs of financing)  $10,411   $19,872   $16,814   $9,274   $8,900   $7,886 
Add: Capitalized interests   -    10    377    1,383    145    - 
Total Fixed Charges  $10,411   $19,882   $17,191   $10,657   $9,045   $7,886 
                               
Ratio of Earnings (loss) to Fixed Charges (b)   2.04    1.59    3.27    1.78    2.98    4.93 

 

 

(a) Fixed charges include the portion of rental expense that management believes is representative of the interest component, amortization of deferred cost of financing and capitalized interests.
   
(b) The ratio of earnings to fixed charges is computed by dividing (i) earnings before provision for income taxes plus fixed charges and amortization of interests capitalized in prior periods less interests capitalized during the period by (ii) fixed charges.