EX-12.1 3 d245731dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

STATEMENT OF COMPUTATION OF RATIOS

Calculation of Ratios of Earnings to Fixed Charges

Ratio of earnings to fixed charges is computed by dividing income before taxes and fixed charges by fixed charges. Fixed charges consist of interest charges and interest portion of rent.

 

    

Six Months Ended

June 30, 2016

     Fiscal Years Ending December 31,  
     2015     2014     2013     2012     2011  

(Loss) income before income taxes

    $ (367 )    $ (38,920 )    $ (25,556 )    $ 94,717      $ 85,009      $ 51,995   

Add:

             

Interest expense

      7,360        10,932        12,797        6,282        5,560        3,518   

Interest portion of rent (1)

      4,692        10,896        10,761        9,215        6,626        4,717   

(Loss) earnings as defined

    $ 11,685      $ (17,092 )    $ (1,998 )    $ 110,214      $ 97,195      $ 60,230   

Interest expense

      7,360        10,932        12,797        6,282        5,560        3,518   

Interest portion of rent (1)

      4,692        10,896        10,761        9,215        6,626        4,717   

Fixed charges as defined

    $ 12,052      $ 21,828      $ 23,558      $ 15,497      $ 12,186      $ 8,235   

Ratio of (loss) earnings to fixed charges

      .097x (2)      (0.78)x (4)      (0.08)x (6)      7.11  x      7.98  x      7.31  x 

Calculation of Ratios of Earnings to Combined Fixed Charges and Preference Dividends

Ratio of earnings to combined fixed charges and preference dividends is computed by dividing income before taxes and fixed charges plus preference dividends.

 

    

Six Months Ended

June 30, 2016

     Fiscal Years Ending December 31,  
     2015     2014     2013     2012     2011  

(Loss) income before income taxes

    $ (367 )    $ (38,920 )    $ (25,556 )    $ 94,717      $ 85,009      $ 51,995   

Add:

             

Interest expense

      7,360        10,932        12,797        6,282        5,560        3,518   

Interest portion of rent (1)

      4,692        10,896        10,761        9,215        6,626        4,717   

(Loss) earnings as defined

    $ 11,685      $ (17,092 )    $ (1,998 )    $ 110,214      $ 97,195      $ 60,230   

Interest expense

      7,360        10,932        12,797        6,282        5,560        3,518   

Interest portion of rent (1)

      4,692        10,896        10,761        9,215        6,626        4,717   

Preferred stock dividends

      75        150        150        150        150        150   

Total combined fixed charges and preference dividends as defined

    $ 12,127      $ 21,978      $ 23,708      $ 15,647      $ 12,336      $ 8,385   

Ratio of (loss) earnings to fixed charges

      0.96x (3)      (0.78)x (5)      (0.8)x (7)      7.04  x      7.88  x      7.18  x 

 

(1) Represents one-third of total rent expense which we believe is a reasonable estimate of the interest component of rent expense.
(2) The ratio of earnings to fixed charges was less than 1:1 for the six months ended June 30, 2016. In order to achieve a ratio of earnings to fixed charges of 1:1, we would have had to generate an additional $12.4 million of earnings in the six months ended June 30, 2016.
(3) The ratio of earnings to combined fixed charges and preference dividends was less than 1:1 for the six months ended June 30, 2016. In order to achieve a ratio of earnings to combined fixed charges and preference dividends of 1:1, we would have had to generate an additional $12.5 million of earnings in the six months ended June 30, 2016.
(4) The ratio of earnings to fixed charges was less than 1:1 for the fiscal year ended December 31, 2015. In order to achieve a ratio of earnings to fixed charges of 1:1, we would have had to generate an additional $60.7 million of earnings in the fiscal year ended December 31, 2015.
(5) The ratio of earnings to combined fixed charges and preference dividends was less than 1:1 for the fiscal year ended December 31, 2015. In order to achieve a ratio of earnings to combined fixed charges and preference dividends of 1:1, we would have had to generate an additional $60.9 million of earnings in the fiscal year ended December 31, 2015.
(6) The ratio of earnings to fixed charges was less than 1:1 for the fiscal year ended December 31, 2014. In order to achieve a ratio of earnings to fixed charges of 1:1, we would have had to generate an additional $49.1 million of earnings in the fiscal year ended December 31, 2014.

(7) The ratio of earnings to combined fixed charges and preference dividends was less than 1:1 for the fiscal year ended December 31, 2014. In order to achieve a ratio of earnings to combined fixed charges and preference dividends of 1:1, we would have had to generate an additional $49.3 million of earnings in the fiscal year ended December 31, 2014.