Exhibit 12.1
| RATIO OF EARNINGS TO FIXED CHARGES AND OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS |
| Six Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| June 30, | Year Ended December 31, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
| Income (loss) from continuing operations before adjustment | ||||||||||||||||||||||||
| for non controlling interest | (6,275 | ) | (39,288 | ) | (48,665 | ) | (18,429 | ) | (3,472 | ) | (2,167 | ) | ||||||||||||
| Add back: | 5,743 | 40,679 | 44,676 | 13,279 | — | — | ||||||||||||||||||
| Fixed Charges | — | — | — | — | — | — | ||||||||||||||||||
| Distributed income of equity investees | — | — | — | — | — | — | ||||||||||||||||||
| Deduct: | — | — | — | — | — | — | ||||||||||||||||||
| Equity in (earnings) loss of equity investees | — | (230 | ) | 85 | (175 | ) | 589 | 93 | ||||||||||||||||
| Capitalized interest | — | — | — | — | — | — | ||||||||||||||||||
| Earnings as Defined | (532 | ) | 1,161 | (3,904 | ) | (5,325 | ) | (2,883 | ) | (2,074 | ) | |||||||||||||
| Fixed Charges | ||||||||||||||||||||||||
| Interest including amortization of deferred | ||||||||||||||||||||||||
| financing fees | 5,743 | 40,679 | 44,676 | 13,279 | — | — | ||||||||||||||||||
| Capitalized interest | — | — | — | — | — | — | ||||||||||||||||||
| Interest portion of rent expense | — | — | — | — | — | — | ||||||||||||||||||
| Fixed Charges | 5,743 | 40,679 | 44,676 | 13,279 | — | — | ||||||||||||||||||
| Ratio of Earnings to Fixed Charges | (a) | (a) | (a) | (a) | (a) | (a) | ||||||||||||||||||
| Preferred dividends | — | — | — | — | — | — | ||||||||||||||||||
| Combined Fixed Charges and Preferred Dividends | 5,743 | 40,679 | 44,676 | 13,279 | — | — | ||||||||||||||||||
| Ratio of Earnings to Combined Fixed Charges and | -0.09 | 0.03 | -0.09 | -0.40 | ||||||||||||||||||||
| Preferred Dividends | (b) | (b) | (b) | (b) | (b) | (b) | ||||||||||||||||||
| (a) Due to the loss from continuing operations, the ratio coverage was less than 1:1 for the six months ended June 30, 2017 and the years ended December 31, 2016, 2015, 2014, 2013 and 2012. We would have needed to generate additional earnings from continuing operations of $6.3 million, $39.5 million, $48.6 million, $18.6 million, $2.9 million and $2.1 million for the six months ended June 30, 2017, and the years ended December 31, 2016, 2015, 2014, 2013 and 2012, respectively to acheive a coverage ratio of 1:1. | ||||||
| (b) Due to the loss from continuing operations, the ratio coverage was less than 1:1 for the six months ended June 30, 2017 and the years ended December 31, 2016, 2015, 2014, 2013 and 2012. We would have needed to generate additional earnings from continuing operations of $6.3 million, $39.5 million, $48.6 million, $18.6 million, $2.9 million and $2.1 million for the six months ended June 30, 2017, and the years ended December 31, 2016, 2015, 2014, 2013 and 2012, respectively to achieve a coverage ratio of 1:1. | ||||||