EX-12 3 s002091x1_ex12.htm EXHIBIT 12
Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
 
 
  
Year-ended December 31,
  
 ($ in thousands)
  
2017
    
2016
    
2015
    
2014
    
2013
  
FIXED CHARGES:(1)
                              
Interest expense
  
$
12,055
    
$
12,934
    
$
1,806
    
$
—
    
$
—
  
Amortization of debt premium and debt issue costs
    
1,473
      
1,914
      
251
      
—
      
—
  
Estimated interest expense within rental expense
    
—
      
—
      
—
      
—
      
—
  
Total fixed charges
  
$
13,528
    
$
14,848
    
$
2,057
    
$
—
    
$
—
  
                                         
EARNINGS:
                                        
Net income (loss) before taxes
  
$
52,792
    
$
11,542
    
$
(27,793
)
  
$
(51,292
)
  
$
(55,184
)
Add Back: total fixed charges
    
13,528
      
14,848
      
2,057
      
—
      
—
  
Net earnings (loss) and fixed charges
  
$
66,320
    
$
26,300
    
$
(25,736
)
  
$
(51,292
)
  
$
(55,184
)
                                         
RATIOS:
                                        
Ratio of net earnings (loss) and fixed charges to fixed charges
    
4.90
      
1.77
      
(12.51
)(2)
    
N/A
(3) 
    
N/A
(3) 

(1)
We did not have any preferred stock outstanding and we did not pay or accrue any preferred stock dividends during the periods presented.
(2)
Total earnings were insufficient to cover fixed charges by $27.8 million in 2015.
(3)
We had no fixed charges in 2014 and 2013 and total losses of $51.3 million and $55.2 million in 2014 and 2013, respectively.