Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
Six Months June 30, | Year Ended December 31, | |||||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||
| Pre-tax income (loss) from continuing operations | $ | 5,546 | $ | 17,845 | $ | 10,240 | $ | (6,891 | ) | $ | 4,676 | $ | 12,469 | |||||||||||
| Plus: | ||||||||||||||||||||||||
| Fixed charges | 6,649 | 21,940 | 22,063 | 22,596 | 30,199 | 32,694 | ||||||||||||||||||
| Amortization of capitalized interest | 93 | 180 | 178 | 176 | 171 | 167 | ||||||||||||||||||
| Less: | ||||||||||||||||||||||||
| Capitalized interest | (138 | ) | (144 | ) | (103 | ) | (71 | ) | (55 | ) | (62 | ) | ||||||||||||
| Total Earnings Adjusted for Fixed Charges | $ | 12,150 | $ | 39,821 | $ | 32,378 | $ | 15,810 | $ | 34,991 | $ | 45,268 | ||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||
| Interest expense (including amortized premiums and discounts) | $ | 3,730 | $ | 15,429 | $ | 15,993 | $ | 16,892 | $ | 24,911 | $ | 27,665 | ||||||||||||
| Capitalized interest | 138 | 144 | 103 | 71 | 55 | 62 | ||||||||||||||||||
| Interest expense within rental expense (1) | 2,781 | 6,367 | 5,967 | 5,633 | 5,233 | 4,967 | ||||||||||||||||||
| Total Fixed Charges | $ | 6,649 | $ | 21,940 | $ | 22,063 | $ | 22,596 | $ | 30,199 | $ | 32,694 | ||||||||||||
| Ratio of Earnings to Fixed Charges | 1.8 | 1.8 | 1.5 | 0.7 | 1.2 | 1.4 | ||||||||||||||||||
(1) One-third of rent expense is deemed to be representative of interest.