EX-12.1 3 paceth_s3a-ex1201.htm COMPUTATION OF RATIOS OF EARNINGS

Exhibit 12.1

 

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

(in thousands)

 

  Quarter Ended
March 31,
    Year Ended December 31, 
    2017     2016   2015   2014   2013   2012 
Ratio of Earnings to Fixed Charges                             
Earnings                             
Income (loss) before provision for income taxes   $ (13,485 )   $545   $(28,907)  $41,139   $(1,162)  $(43,355)
Plus:                                  
Fixed charges     3,343      25,813    14,061    9,810    15,895    13,396 
Amortization of capitalized interest     73      297    216    160    160    160 
Equity earnings in unconsolidated subsidiaries                           
Less:                                  
Capitalized interest     (176 )    (1,307)                
Income (loss) before income taxes and fixed charges   $ (10,245 )   $25,348   $(14,630)  $51,109   $14,893   $(29,799)
Fixed charges                                  
Interest expense, net, including amortization of deferred financing fees   $ 2,637     $22,406   $12,594   $9,438   $15,671   $13,049 
Capitalized interest     176      1,307                 
Estimate of interest component in rent expense     530      2,100    1,467    372    224    347 
Total fixed charges   $ 3,343     $25,813   $14,061   $9,810   $15,895   $13,396 
Ratio of Earnings to fixed charges     (3.1 )    1.0    (1.0)   5.2    0.9    (2.2)
Excess (deficiency)   $ (13,588 )   $(465)  $(28,691)  $41,299   $(1,002)  $(43,195)
                                   
    2017     2016   2015   2014   2013   2012 
Ratio of Earnings to Fixed Charges
and Preferred Stock Dividends
                                 
Earnings                                  
Income (loss) before provision for income taxes   $ (13,485 )   $545   $(28,907)  $41,139   $(1,162)  $(43,355)
Plus:                                  
Fixed charges and preferred dividends     3,823      27,765    16,007    11,756    17,160    14,664 
Amortization of capitalized interest     73      297    216    160    160    160 
Equity earnings in unconsolidated subsidiaries                           
Less:                                  
Capitalized interest     176      (1,307)                
Preferred dividends     (480 )    (1,952)   (1,946)   (1,946)   (1,265)   (1,268)
Income (loss) before income taxes and fixed charges   $ (9,893 )   $25,348   $(14,630)  $51,109   $14,893   $(29,799)
Fixed charges and preferred dividends                                  
Interest expense, net, including amortization of deferred financing fees   $ 2,637     $22,406   $12,594   $9,438   $15,671   $13,049 
Capitalized interest     176      1,307                 
Estimate of interest component in rent expense     530      2,100    1,467    372    224    347 
Preferred dividends     480      1,952    1,946    1,946    1,265    1,268 
Total fixed charges and preferred stock dividends   $ 3,823   $27,765   $16,007   $11,756   $17,160   $14,664 
Ratio of earnings to fixed charges and preferred stock dividends     (2.6 )    0.9    (0.9)   4.3    0.9    (2.0)
Excess (deficiency)   $ (13,716 )   $(2,417)  $(30,637)  $39,353   $(2,267)  $(44,463)