Exhibit 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges and Ratio of Combined Fixed Charges and Preference Dividends to Earnings
(In thousands)
| Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
| 2016 | 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
| Earnings: |
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| Consolidated net loss before income tax |
(26,512 | ) | (34,665 | ) | $ | (141,447 | ) | $ | (162,141 | ) | $ | (116,389 | ) | $ | (83,132 | ) | $ | (53,961 | ) | |||||||||
| Loss on equity method investment |
4,872 | 5,066 | 22,389 | 23,037 | 8,237 | 1,824 | — | |||||||||||||||||||||
| Fixed charges(1) |
3,489 | 3,536 | 14,160 | 14,097 | 8,732 | 834 | 655 | |||||||||||||||||||||
| Capitalized interest, net of amortization |
— | — | — | (620 | ) | (1,055 | ) | (273 | ) | — | ||||||||||||||||||
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| Total losses |
$ | (18,151 | ) | $ | (26,063 | ) | $ | (104,898 | ) | $ | (125,627 | ) | $ | (100,475 | ) | $ | (80,747 | ) | $ | (53,306 | ) | |||||||
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| Fixed charges: |
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| Interest expense |
$ | 2,823 | $ | 2,913 | $ | 11,785 | $ | 11,659 | $ | 7,012 | $ | 690 | $ | 533 | ||||||||||||||
| Debt fees |
46 | 44 | — | 465 | 541 | — | 13 | |||||||||||||||||||||
| Debt discount |
620 | 579 | 2,375 | 1,973 | 1,179 | 144 | 109 | |||||||||||||||||||||
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| Total fixed charges(1) |
$ | 3,489 | $ | 3,536 | $ | 14,160 | $ | 14,097 | $ | 8,732 | $ | 834 | $ | 655 | ||||||||||||||
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| Ratio of Earnings to Fixed Charges |
— | — | — | — | — | — | — | |||||||||||||||||||||
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| Ratio of Combined Fixed Charges and Preference Dividends to Earnings |
— | — | — | — | — | — | — | |||||||||||||||||||||
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| Deficiency of Earnings Available to Cover Fixed Charges |
$ | (21,640 | ) | $ | (29,599 | ) | $ | (119,058 | ) | $ | (139,724 | ) | $ | (109,207 | ) | $ | (81,581 | ) | $ | (53,961 | ) | |||||||
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| (1) | Exhibit 12.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 included debt fees and debt discount twice in the computation of total fixed charges for the years ended December 31, 2015, 2014, 2013, 2012 and 2011. This error has been corrected in exhibit 12.1 in this Registration Statement. There were no changes to previously reported Deficiency of Earnings Available to Cover Fixed Charges. |