EX-12.1 5 dex121.htm STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement Regarding Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

CALCULATIONS OF EARNINGS AVAILABLE TO COVER FIXED CHARGES

 

     Year Ended December 31,  
     2010     2009     2008     2007     2006  
     (Dollars in thousands)  

Earnings available to cover fixed charges

    $ (24,999 )    $ (21,476 )    $ (29,294 )    $ (28,190 )    $ (24,772 ) 

Fixed charges

      2,665        1,894        1,147        475        601   
                                        

Ratio of earnings to fixed charges

    $ —        $ —        $ —        $ —        $ —     
                                        
For all periods presented, earnings are insufficient to cover fixed charges. Coverage is deficient by the following amounts:   
   $ (27,664 )    $ (23,370 )    $ (30,441 )    $ (28,665 )    $ (25,373 ) 
                                        

Calculation of earnings available:

           

Net loss

    $ (27,494 )    $ (23,216 )    $ (30,036 )    $ (28,672 )    $ (25,447 ) 

Equity loss from investment in joint venture

      151        44        45        7        74   

Fixed charges

      2,344        1,696        697        475        601   
                                        

Earnings available to cover fixed charges

    $ (24,999 )    $ (21,476 )    $ (29,294 )    $ (28,190 )    $ (24,772 ) 
                                        

Calculation of fixed charges:

           

Interest expense

    $ 1,333      $ 702      $ 232      $ 155      $ 199   

Interest expense on capital leases

      14        16        10        —          —     

Amortization of debt discount and deferred financing costs

      706        709        178        —          —     

Capitalized debt discount and deferred financing costs

      321        198        450        —          —     

Rent expense estimated interest *

      291        269        277        320        402   
                                        

Fixed charges

    $ 2,665      $ 1,894      $ 1,147      $ 475      $ 601   
                                        

 

* Amount is estimated at 25% of building rent expense