EX-12.1 4 a2236246zex-12_1.htm EX-12.1

Exhibit 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands, except ratios; unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2018

 

Earnings:

 

 

 

Income before income taxes

 

$

6,359

 

 

 

 

 

Plus fixed charges deducted from income:

 

 

 

Interest expense

 

2,398

 

Amortization of debt financing fees

 

201

 

Implicit interest in rents

 

967

 

 

 

 

 

Total Earnings (x)

 

$

9,925

 

 

 

 

 

Fixed Charges:

 

 

 

Interest expense

 

2,398

 

Capitalized interest

 

146

 

Amortization of debt financing fees

 

201

 

Implicit interest in rents

 

967

 

 

 

 

 

Total Fixed Charges (y)

 

$

3,712

 

 

 

 

 

Ratio of Earnings to Fixed Charges(1)

 

2.7

 

 

 

 

Year Ended December 31,

 

 

 

2017

 

2016

 

2015

 

2014

 

2013

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

35,882

 

$

25,386

 

$

31,200

 

$

31,572

 

$

19,838

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus fixed charges deducted from income:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

7,736

 

8,798

 

6,229

 

8,829

 

8,044

 

Amortization of debt financing fees

 

685

 

952

 

987

 

987

 

845

 

Implicit interest in rents

 

3,437

 

3,089

 

2,884

 

2,179

 

1,488

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Earnings (x)

 

$

47,740

 

$

38,225

 

$

41,300

 

$

43,567

 

$

30,216

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

7,736

 

8,798

 

6,229

 

8,829

 

8,044

 

Capitalized interest

 

513

 

460

 

325

 

389

 

1,038

 

Amortization of debt financing fees

 

685

 

952

 

987

 

987

 

845

 

Implicit interest in rents

 

3,437

 

3,089

 

2,884

 

2,179

 

1,488

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Charges (y)

 

$

12,371

 

$

13,299

 

$

10,425

 

$

12,385

 

$

11,416

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges(1)

 

3.9

 

2.9

 

4.0

 

3.5

 

2.6

 

 


(1)         The ratio of earnings to fixed charges is computed by dividing (x) total earnings by (y) fixed charges.