Exhibit 12.1
Ratios of Earnings to Fixed Charges and Preferred Stock Dividends
Our ratio of earnings to fixed charges and our ratio of earnings to preferred stock dividends for each of the periods indicated are set forth below. The information set forth below should be read together with our consolidated financial statements and the accompanying notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations," each of which is included in our Annual Report on Form 10K for the year ended December 31, 2017 and incorporated by reference herein.



Fiscal Year Ended December 31, 




2017 


2016 


2015 



(in thousands, except ratios) 

Earnings (Loss): 









Net income (loss) before income taxes 

$ 
4,513 

$ 
(5,709) 

$ 
(2,536) 
Add: Fixed charges 


1,359 


4,935 


6,124 
Earnings (loss) 

$ 
5,872 

$ 
(774) 

$ 
3,588 










Fixed charges: 









Interest expensed on shortterm borrowings and longterm debt 

$ 
596 

$ 
3,209 

$ 
3,767 
Amortization of deferred financing costs and debt discounts 


92 


1,279 


2,148 
Estimate of interest within rent expense(1) 


671 


447 


209 
Total fixed charges 

$ 
1,359 

$ 
4,935 

$ 
6,124 










Fixed charges and fixed charge ratio 









Earnings (deficiency) to fixed charges 

$ 
4,513 

$ 
(5,709) 

$ 
(2,536) 
Ratio of earnings (loss) to fixed charges (2) 


4.32 


N/A 


N/A 
Ratio of earnings to preferred stock dividends (3) 


N/A 


N/A 


N/A 
(1) 
Estimate of interest within rent expense is calculated under the assumption that onethird of rent expense is representative of interest costs which is a reasonable approximation of the interest factor 
(2) 
For purposes of this ratio, earnings is defined as net loss before taxes plus fixed charges. Fixed charges consist of interest on shortterm borrowings and longterm debt, amortization of deferred financing costs and debt discounts, and an estimate of the interest within rent expense. Our earnings were insufficient to cover fixed charges, and therefore we are unable to disclose a ratio of earnings to fixed charges for the years ended December 31, 2016 and 2015. Additional earnings of $5.7 million and $2.5 million would have been needed to have a onetoone ratio of earnings to fixed charges for years ended December 31, 2016 and 2015, respectively. 
(3) 
For years ended December 31, 2017, 2016 and 2015, there were no preferred stock dividends, and therefore the ratio is not applicable. 