EX-12.1 7 d767595dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(in thousands, except ratios)

The following table sets forth our ratio of earnings to fixed charges and our ratio of earnings to combined fixed charges and preferred stock dividends for the years ended December 31, 2013, 2012, 2011, 2010 and 2009, and for the six months ended June 30, 2014. As the ratios of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividends indicate less than one-to-one coverage for each of the periods presented, we have provided the coverage deficiency amounts for these periods. Earnings are the sum of (i) loss from continuing operations before losses from equity affiliates, and (ii) fixed charges, less (i) interest capitalized. Fixed charges are the sum of (i) interest expensed and capitalized, (ii) amortization of capitalized expenses related to indebtedness, and (iii) estimate of interest within rental expense.

 

    Year Ended December 31,    

Six Months

Ended

June 30,

  
    2009     2010     2011     2012     2013     2014  

Loss from continuing operations before income taxes*

   $ (24,135 )    $ (16,817 )    $ (16,839 )    $ (15,675 )    $ (43,119 )    $ (7,814 ) 

Plus: Fixed charges

     179        865        1,110        673        622        380   

Less: Interest capitalized

     —       1,475        1,081        666        121        102   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings, as adjusted

   $ (23,956 )    $ (17,427 )    $ (16,810 )    $ (15,668 )    $ (42,618 )    $ (7,356 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges

     179        865        1,110        673        622        380   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

   $ 179      $ 865      $ 1,110      $ 673      $ 622      $ 380   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

     —          —          —          —          —       

Ratio of earnings to combined fixed charges and preferred stock dividends

     —          —          —          —          —       

Deficiency of earnings available to cover fixed charges

   $ (23,777 )    $ (16,562 )    $ (15,700 )    $ (14,996 )    $ (41,996 )    $ (7,157 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Deficiency of earnings available to cover fixed charges and preferred stock dividends

   $ (23,777 )    $ (16,562 )    $ (15,700 )    $ (14,9996 )    $ (41,996 )    $ (7,157 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

* Excluding losses from non-controlling interest and income/loss from equity investees.