EX-12.1 3 d417507dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

 

     Quarter Ended
March 31,		     Full Year Ended December 31,  
     2017     2016     2015     2014      2013      2012  

Pre-tax income (loss) from continuing operations

    $ (8,870,127 )    $ (39,811,935 )    $ (654,951,776 )    $ 17,387,875      $ 64,006,000      $ 43,279,000  

Less: net income (loss) from noncontrolling interests

      60,000       (846,000 )      (8,433,000 )      309,000        12,000        —    
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Total earnings (deficit)

      (8,930,127 )      (38,965,935 )      (646,518,776 )      17,078,875        63,994,000        43,279,000  

Fixed charges:

               

Interest expense on debt and capitalized lease obligations

      229,788       1,281,559       2,011,073       1,003,434        2,451,080        8,592,188  

Amortization of debt discount and expense

      —         —         —         224,000        974,000        3,876,000  

Appropriate portion (1/3) of rentals

      1,251,387       4,518,423       4,768,140       3,568,914        2,294,702        1,654,344  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Total fixed charges

      1,481,175       5,799,982       6,779,213       4,796,348        5,719,782        14,122,532  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Earnings (deficit) plus fixed charges

    $ (7,448,952 )    $ (33,165,953 )    $ (639,739,563 )    $ 21,875,223      $ 69,713,782      $ 57,401,532  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Ratio of earnings (deficit) to fixed charges (a)

      N/A (b)      N/A (b)      N/A (b)      4.6        12.2        4.1  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

 

(a)

The ratio of earnings to fixed charges was computed by dividing earnings (loss) before income taxes by fixed charges from operations for the periods indicated. Fixed charges are the sum of (i) interest expense, including amortization of discounts and accretion of final payments related to indebtedness, and (ii) one-third of all rental expense, which we consider to be a reasonable approximation of the interest factor included in rental expense. Fixed charges excludes any interest on uncertain tax positions, which the registrant recognizes as a component of income tax expense.

(b)

Due to the registrants loss, the ratio coverage was less than 1:1. To acheive a coverage ratio of 1:1, the registrant must generate additional earnings of $8,930,127, $38,965,935 and $646,518,776 for the periods presented 2017, 2016 and 2015, respectively. Excluding goodwill and other intangible assets impairment charges recorded in the fourth quarter of 2015, the registrant would need to generate additional earnings of $109,339,693 to acheive a coverage ratio of 1:1 for the year ended December 31, 2015.