Exhibit 12.1
| CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES AND OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS |
| Three Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| March 31, | Year Ended December 31, | |||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
| Income (loss) from continuing operations before adjustment or non controlling interest | (4,473 | ) | (14,027 | ) | (39,288 | ) | (48,665 | ) | (18,429 | ) | (3,472 | ) | ||||||||||||
| Add back: | ||||||||||||||||||||||||
| Fixed Charges | 3,985 | 11,581 | 40,679 | 44,676 | 13,279 | — | ||||||||||||||||||
| Distributed income of equity investees | — | — | — | — | — | — | ||||||||||||||||||
| Deduct: | — | — | — | — | — | — | ||||||||||||||||||
| Equity in (earnings) loss of equity investees | — | — | (230 | ) | 85 | (175 | ) | 589 | ||||||||||||||||
| Capitalized interest | — | — | — | — | — | — | ||||||||||||||||||
| Earnings as Defined | (488 | ) | (2,446 | ) | 1,161 | (3,904 | ) | (5,325 | ) | (2,883 | ) | |||||||||||||
| Fixed Charges | ||||||||||||||||||||||||
| Interest including amortization of deferred financing fees | 3,985 | 11,581 | 40,679 | 44,676 | 13,279 | — | ||||||||||||||||||
| Capitalized interest | — | — | — | — | — | — | ||||||||||||||||||
| Interest portion of rent expense | — | — | — | — | — | — | ||||||||||||||||||
| Fixed Charges | 3,985 | 11,581 | 40,679 | 44,676 | 13,279 | — | ||||||||||||||||||
| Ratio of Earnings to Fixed Charges | (a) | (a) | (a) | (a) | (a) | (a) | ||||||||||||||||||
| Preferred dividends | 956 | 723 | — | — | — | — | ||||||||||||||||||
| Combined Fixed Charges and Preferred Dividends | 4,941 | 12,304 | 40,679 | 44,676 | 13,279 | — | ||||||||||||||||||
| Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | -0.10 | -0.20 | 0.03 | -0.09 | -0.40 | n/a | ||||||||||||||||||
| (b) | (b) | (b) | (b) | (b) | (b) | |||||||||||||||||||
| (a) Due to the loss from continuing operations, the ratio coverage was less than 1:1 for the three months ended March 31, 2018 and the years ended December 31, 2017, 2016, 2015, 2014 and 2013. We would have needed to generate additional earnings from continuing operations of $4.5 million, $14 million, $39.5 million, $48.6 million, $18.6 million and $2.9 million for the three months ended March 31, 2018, and the years ended December 31, 2017, 2016, 2015, 2014 and 2013, respectively to achieve a coverage ratio of 1:1. | ||||||
| (b) Due to the loss from continuing operations, the ratio coverage was less than 1:1 for the three months ended March 31, 2018 and the years ended December 31, 2017, 2016, 2015, 2014 and 2013. We would have needed to generate additional earnings from continuing operations of $5.4 million, $14.8 million, $39.5 million, $48.6 million, $18.6 million and $2.9 million for the three months ended March 31, 2018, and the years ended December 31, 2017, 2016, 2015, 2014 and 2013, respectively to achieve a coverage ratio of 1:1. | ||||||