EX-12.1 2 itriex-12109302017.htm EXHIBIT 12.1
Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)
| Nine Months Ended September 30, 2017 |  | Year Ended December 31,
|  | 2016 |  | 2015 |  | 2014 |  | 2013 |  | 2012
| (in thousands, except ratios)
Earnings |  |  |  |  |  |  |  |  |  |  |
Pre-tax income (loss) | $ | 90,122 |  |  | $ | 84,627 |  |  | $ | 37,102 |  |  | $ | (18,265 | ) |  | $ | (153,400 | ) |  | $ | 125,194 |
Add: dividends received from equity investees | 719 |  |  | 335 |  |  | 444 |  |  | 681 |  |  | 707 |  |  | 571 |
Less: noncontrolling interest income | (2,357 | ) |  | (3,283 | ) |  | (2,325 | ) |  | (1,370 | ) |  | (2,219 | ) |  | (1,949 | )
Less: income (loss) from equity investees | 527 |  |  | (393 | ) |  | (807 | ) |  | (270 | ) |  | (954 | ) |  | (517 | )
| 89,011 |  |  | 81,286 |  |  | 34,414 |  |  | (19,224 | ) |  | (155,866 | ) |  | 123,299 |
Fixed charges:(2) |  |  |  |  |  |  |  |  |  |  |
Interest expense, gross(3) | 8,448 |  |  | 10,948 |  |  | 12,289 |  |  | 11,602 |  |  | 10,686 |  |  | 10,115 |
Interest portion of rent expense | 3,631 |  |  | 4,958 |  |  | 5,405 |  |  | 6,832 |  |  | 6,651 |  |  | 6,462 |
a) Fixed charges | 12,079 |  |  | 15,906 |  |  | 17,694 |  |  | 18,434 |  |  | 17,337 |  |  | 16,577 |
b) Earnings for ratio(4) | $ | 101,090 |  |  | $ | 97,192 |  |  | $ | 52,108 |  |  | $ | (790 | ) |  | $ | (138,529 | ) |  | $ | 139,876 |
Ratios: |  |  |  |  |  |  |  |  |  |  |
Earnings to fixed charges (b/a)(5) | 8.4 |  |  | 6.1 |  |  | 2.9 |  |  | N/A |  |  | N/A |  |  | 8.4 |
Deficit of earnings to fixed charges | N/A |  |  | N/A |  |  | N/A |  |  | $ | (19,224 | ) |  | $ | (155,866 | ) |  | N/A |

(1) | We had no preferred stock outstanding for any period presented and accordingly our ratio of earnings to combined fixed charges and preferred stock dividends is the same as our ratio of earnings to fixed charges for all periods presented.

(2) | Fixed charges consist of interest on indebtedness and amortization of debt issuance costs plus that portion of lease rental expense representative of the interest factor.

(3) | Interest expense, gross, includes amortization of prepaid debt fees.

(4) | Earnings for ratio consists of income (loss) from continuing operations before income taxes, plus dividends received from equity method investments, less income from equity investees, less income attributable to noncontrolling interests.

(5) | Earnings to fixed charges ratio is not calculated for years with a Deficit of earnings to fixed charges amount as the ratio is less than 1:1.