EX-12.1 3 d601320dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

CryoLife, Inc.

Statement Regarding Computation of Earnings to Fixed Charges

(In thousands, except ratios)

The following table sets forth our ratio of earnings to fixed charges and our ratio of earnings to fixed charges for the years ended December 31, 2013, 2014, 2015, 2016, 2017 and for the six months ended June 30, 2018. As the ratios of earnings to fixed charges and earnings to combined fixed charges indicate less than one-to-one coverage for the six months ended June 30, 2018, we have provided the coverage deficiency amounts for that period. Earnings are the sum of the loss from operations before income taxes, plus fixed charges. Fixed charges are comprised of interest expense on debt outstanding, amortization of debt discount and capitalized issue costs and the estimated interest portion of rent expense.

 

    

Six Months Ended

June 30,

    Year Ended December 31,  
     2018     2017      2016      2015      2014      2013  

Income (Loss) before income taxes

   $ (7,040   $ 3,561      $ 18,412      $ 5,868      $ 8,703      $ 23,292  

Add back : Fixed charges

     8,819       6,665        4,658        1,255        1,409        1,266  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Earnings as defined

     1,779       10,226        23,070        7,123        10,112        24,558  

Fixed charges:

                

Interest expense and other debt related costs

     7,759       5,020        3,203        115        393        268  

Estimated interest portion of rental expense

     1,060       1,645        1,455        1,140        1,016        998  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed charges

   $ 8,819     $ 6,665      $ 4,658      $ 1,255      $ 1,409      $ 1,266  

Ratio of earnings to fixed charges

     N/A       1.5        5.0        5.8        7.5        20.3  

Deficiency of earnings to cover fixed charges

   $ (7,040     N/A        N/A        N/A        N/A        N/A