EX-12.1 2 a03312017exhibit-121.htm EXHIBIT 12.1
Exhibit 12.1
QUANTUM CORPORATION
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

| For the year ended March 31,
(dollars in thousands) | 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013
Income (loss) from continuing operations before income taxes | $ | 4,757 |  |  | $ | (73,500 | ) |  | $ | 17,478 |  |  | $ | (20,257 | ) |  | $ | (51,018 | )
Add fixed charges | 10,313 |  |  | 9,039 |  |  | 12,079 |  |  | 13,145 |  |  | 12,078 |
Earnings (as defined) | $ | 15,070 |  |  | $ | (64,461 | ) |  | $ | 29,557 |  |  | $ | (7,112 | ) |  | $ | (38,940 | )
Fixed charges: |  |  |  |  |  |  |  |  |
Interest expense | $ | 7,953 |  |  | $ | 6,893 |  |  | $ | 9,755 |  |  | $ | 9,754 |  |  | $ | 8,342 |
Amortization of debt issuance costs | (i), (ii) |  |  | (i), (iii) |  |  | (i), (iv) |  |  | (i) |  |  | (i) |
Estimated interest component of rent expenses | 2,360 |  |  | 2,146 |  |  | 2,324 |  |  | 3,391 |  |  | 3,736 |
Total fixed charges | $ | 10,313 |  |  | $ | 9,039 |  |  | $ | 12,079 |  |  | $ | 13,145 |  |  | $ | 12,078 |
Ratio of earnings to fixed charges (v) | n/a |  |  | n/a |  | — |  |  | n/a |  |  | n/a

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(i) | In all years presented, the amortization of debt issuance costs is included in interest expense.

(ii) | Interest expense for fiscal 2017 in this table is comprised of: (a) $8.0 million of interest expense and amortization of debt issuance costs as presented in interest expense in the Consolidated Statements of Operations.

(iii) | Interest expense for fiscal 2016 in this table is comprised of: (a) $6.8 million of interest expense and amortization of debt issuance costs as presented in interest expense in the Consolidated Statements of Operations and (b) $0.1 million of debt issuance costs written off related to the $81.0 million of 3.50% subordinated convertible notes purchased in fiscal 2016. The $0.1 million debt issuance costs written off are included in the loss on debt extinguishment in the Consolidated Statements of Operations for fiscal 2016.

(iv) | Interest expense for fiscal 2015 in this table is comprised of: (a) $9.5 million of interest expense and amortization of debt issuance costs as presented in interest expense in the Consolidated Statements of Operations and (b) $0.3 million of debt issuance costs written off related to the $50 million of 3.50% subordinated convertible notes purchased in fiscal 2015. The $0.3 million debt issuance costs written off are included in the loss on debt extinguishment in the Consolidated Statements of Operations for fiscal 2015.

(v) | Earnings, as defined, were insufficient to cover fixed charges by $4.8 million, $73.5 million, $20.3 million and $51.0 million for fiscal years 2017, 2016, 2014 and 2013, respectively.