Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Combined Fixed Charges and Preferred Unit Distributions
($ in thousands except ratios)
| Six Months Ended June 30, |
Fiscal Year Ended December 31, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
| Pre-tax income (loss) from continuing operations: |
$ | 10,000 | $ | (4,580 | ) | $ | 6,719 | $ | 28,041 | $ | 32,011 | $ | 29,932 | |||||||||||
| Fixed charges: |
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| Interest expense and amortization of debt issuance costs |
7,295 | 12,554 | 11,202 | 12,268 | 11,615 | 11,705 | ||||||||||||||||||
| Capitalized interest |
5 | 41 | 184 | 291 | 1,047 | 150 | ||||||||||||||||||
| Estimated interest associated with rental expense (1) |
1,072 | 2,165 | 3,180 | 2,801 | 2,512 | 2,157 | ||||||||||||||||||
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| Total fixed charges |
8,372 | 14,760 | 14,566 | 15,360 | 15,175 | 14,013 | ||||||||||||||||||
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| Preferred unit distributions |
12,712 | 25,247 | 21,874 | 21,874 | 21,874 | 21,875 | ||||||||||||||||||
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| Total combined fixed charges and preferred unit distributions |
21,084 | 40,007 | 36,440 | 37,234 | 37,049 | 35,887 | ||||||||||||||||||
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| Depreciation of capitalized interest |
211 | 466 | 469 | 441 | 403 | 389 | ||||||||||||||||||
| Capitalized interest |
(5 | ) | (41 | ) | (184 | ) | (291 | ) | (1,047 | ) | (150 | ) | ||||||||||||
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| Earnings available for fixed charges |
$ | 18,578 | $ | 10,605 | $ | 21,570 | $ | 43,551 | $ | 46,541 | $ | 44,183 | ||||||||||||
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| Ratio of earnings to fixed charges |
2.2 | — | 1.5 | 2.8 | 3.1 | 3.2 | ||||||||||||||||||
| Deficiency |
$ | — | $ | 4,155 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Ratio of earnings to combined fixed charges and preferred unit distributions |
— | — | — | 1.2 | 1.3 | 1.2 | ||||||||||||||||||
| Deficiency |
$ | 2,506 | $ | 29,402 | $ | 14,870 | $ | — | $ | — | $ | — | ||||||||||||
| (1) | Calculated as one third of rent expense, which is a reasonable approximation of the interest factor. |