EX-12.1 3 ex12_1.htm EXHIBIT 12.1

Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

|  | Fiscal Year Ended December 31, |
|  | 2008 |  |  | 2009 |  |  | 2010 |  |  | 2011 |  |  | 2012 |  |  | 2013 |
|  | (dollars in thousands) |  |  |  |
Ratio of earnings to fixed charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings available for fixed charges |  | $ | (38 | ) |  | $ | (1,596 | ) |  | $ | 20,184 |  |  | $ | 27,473 |  |  | $ | 5,965 |  |  | $ | (7,662 | )
Add: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed charges |  |  | 231 |  |  |  | 64 |  |  |  | 74 |  |  |  | - |  |  |  | 1 |  |  |  | 1 |
Total income/(loss) for computation of ratio |  | $ | 193 |  |  | $ | (1,532 | ) |  | $ | 20,258 |  |  | $ | 27,473 |  |  | $ | 5,966 |  |  | $ | (7,661 | )
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total interest expense |  | $ | 193 |  |  | $ | 47 |  |  | $ | 57 |  |  | $ | 0 |  |  | $ | 1 |  |  | $ | 1 |
Interest factor in rents a |  |  | 38 |  |  |  | 17 |  |  |  | 17 |  |  |  | - |  |  |  | - |  |  |  | - |
Total fixed charges |  | $ | 231 |  |  | $ | 64 |  |  | $ | 74 |  |  | $ | 0 |  |  | $ | 1 |  |  | $ | 1 |
Ratio of earnings to fixed charges b |  |  | 0.84 |  |  |  | (23.94 | ) |  |  | 273.76 |  |  | NM |  |  |  | 5,966 |  |  |  | (7,661 | )

(a) Interest component of rental expense is estimated based on interest on tenant improvement loan at 4%, which is considered a reasonable approximation of the interest factor.
(b) In 2009, earnings were weak from the global financial crisis. In 2011, there was no fixed charge .
NM = ratio not meaningful