EX-12.1 4 d195090dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

The following table sets forth the calculation of the ratio of our earnings to fixed charges for each of the periods included.

 

     Quarter
Ended
March 31,
2016		     

 

Fiscal Year Ended December 31,

  
(in thousands)       2015      2014      2013      2012      2011  

Fixed charges:

            

Interest expensed and capitalized

    $     7,255       $     24,784       $     24,555       $     17,425       $     13,405       $     13,235   

Amortized premiums, discounts and capitalized expenses related to indebtedness

      976         2,768         2,534         1,361         754         1,098   

Portion of rental expense which represents interest factor (1)

      2,324         2,637         1,407         1,080         924         1,066   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Fixed charges

      10,555         30,189         28,496         19,866         15,083         15,399   

Earnings available for fixed charges:

            

Pre-tax (loss) income

      (10,696)         (14,520)         28,455         27,928         (17,539)         (35,445)   

Distributed equity income of affiliated companies

      –         –         –         –         –         –   

Fixed charges

      10,555         30,189         28,496         19,866         15,083         15,399   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Earnings available for fixed charges

    $ (141)       $ 15,669       $ 56,951       $ 47,794       $ (2,456)       $ (20,046)   

Ratio of earnings to fixed charges

      *         **         2.00         2.41         ***         ****   

 

(1)  Portion of rental expense which represents interest factor equals an estimated  1⁄3 of the total rental expenses incurred.
* The ratio coverage for the quarter ended March 31, 2016 was less than 1:1. The Company would have needed to generate additional earnings of $10,696 to achieve a ratio coverage of 1:1 in the quarter ended March 31, 2016.
** The ratio coverage for the year ended December 31, 2015 was less than 1:1. The Company would have needed to generate additional earnings of $14,520 to achieve a ratio coverage of 1:1 for the year ended December 31, 2015.
*** The ratio coverage for the year ended December 31, 2012 was less than 1:1. The Company would have needed to generate additional earnings of $17,539 to achieve a ratio coverage of 1:1 for the year ended December 31, 2012.
**** The ratio coverage for the year ended December 31, 2011 was less than 1:1. The Company would have needed to generate additional earnings of $35,445 to achieve a ratio coverage of 1:1 for the year ended December 31, 2011.