Exhibit 12.1
KVH INDUSTRIES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)
(Unaudited)
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Three Months Ended |
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Year Ended December 31, |
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March 31, 2017 |
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2016 |
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2015 |
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2014 |
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2013 |
|
2012 |
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Ratio of Earnings to Fixed Charges |
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Earnings |
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|
|
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|
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(Loss) income before income tax expense |
|
$ |
(4,725 |
) |
$ |
(1,970 |
) |
$ |
2,666 |
|
$ |
1,325 |
|
$ |
6,683 |
|
$ |
6,843 |
|
|
Plus: |
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|
|
|
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|
|
|
|
|
|
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Fixed charges |
|
397 |
|
1,563 |
|
1,591 |
|
1,440 |
|
740 |
|
377 |
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Amortization of capitalized interest |
|
— |
|
— |
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— |
|
— |
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— |
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— |
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Equity earnings in unconsolidated subsidiaries |
|
— |
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— |
|
— |
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— |
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— |
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— |
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Less: |
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Capitalized interest |
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— |
|
— |
|
— |
|
— |
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— |
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— |
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(Loss) income before income tax expense and fixed charges |
|
$ |
(4,328 |
) |
$ |
(407 |
) |
$ |
4,257 |
|
$ |
2,765 |
|
$ |
7,423 |
|
$ |
7,220 |
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Fixed charges |
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Interest expense, net, including amortization of deferred financing fees |
|
$ |
367 |
|
$ |
1,491 |
|
$ |
1,515 |
|
$ |
1,341 |
|
$ |
663 |
|
$ |
331 |
|
|
Capitalized interest |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
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Estimate of interest component in rent expense |
|
30 |
|
72 |
|
76 |
|
99 |
|
77 |
|
46 |
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|
Total fixed charges |
|
$ |
397 |
|
$ |
1,563 |
|
$ |
1,591 |
|
$ |
1,440 |
|
$ |
740 |
|
$ |
377 |
|
|
Ratio of earnings to fixed charges |
|
(10.9 |
) |
(0.3 |
) |
2.7 |
|
1.9 |
|
10.0 |
|
19.2 |
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|
(Deficiency) excess |
|
$ |
(4,725 |
) |
$ |
(1,970 |
) |
$ |
2,666 |
|
$ |
1,325 |
|
$ |
6,683 |
|
$ |
6,843 |
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|
|
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Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
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Earnings |
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|
|
|
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|
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|
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|
|
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|
Income (loss) before provision for income taxes |
|
(4,725 |
) |
(1,970 |
) |
2,666 |
|
1,325 |
|
6,683 |
|
6,843 |
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|
Plus: |
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|
|
|
|
|
|
|
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|
|
|
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|
Fixed Charges and preferred dividends |
|
397 |
|
1,563 |
|
1,591 |
|
1,440 |
|
740 |
|
377 |
| ||||||
|
Amortization of capitalized interest |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Equity earnings in unconsolidated subsidiaries |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
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|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Capitalized interest |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Preferred dividends |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
(Loss) income before income tax expense and fixed charges |
|
$ |
(4,328 |
) |
$ |
(407 |
) |
$ |
4,257 |
|
$ |
2,765 |
|
$ |
7,423 |
|
$ |
7,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Fixed charges |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Interest expense, net, including amortization of deferred financing fees |
|
$ |
367 |
|
$ |
1,491 |
|
$ |
1,515 |
|
$ |
1,341 |
|
$ |
663 |
|
$ |
331 |
|
|
Capitalized interest |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
Estimate of interest component in rent expense |
|
30 |
|
72 |
|
76 |
|
99 |
|
77 |
|
46 |
| ||||||
|
Preferred dividends |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
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|
Total fixed charges |
|
$ |
397 |
|
$ |
1,563 |
|
$ |
1,591 |
|
$ |
1,440 |
|
$ |
740 |
|
$ |
377 |
|
|
Ratio of earnings to fixed charges |
|
(10.9 |
) |
(0.3 |
) |
2.7 |
|
1.9 |
|
10.0 |
|
19.2 |
| ||||||
|
(Deficiency) excess |
|
$ |
(4,725 |
) |
$ |
(1,970 |
) |
$ |
2,666 |
|
$ |
1,325 |
|
$ |
6,683 |
|
$ |
6,843 |
|