Exhibit 12.1

STATEMENT REGARDING THE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 AND THE YEARS ENDED DECEMBER 31, 2017, 2016, 2015, 2014 AND 2013

(dollars in thousands)

 

     For the Nine
Months Ended
September 30,
2018
    Years Ended December 31,  
    2017     2016     2015     2014     2013  

Fixed Charges:

            

Interest expense on indebtedness

   $ —       $ —       $ —       $ —       $ 195     $ 570  

Non-cash interest expense and other

     —         —         —         —         12,219       1,155  

Estimated interest component of rent expenses

     189       265       293       291       290       290  

Non-cash preferred stock dividends

     —         —         —         —         4,468       —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

   $ 189     $ 265     $ 293     $ 291     $ 17,172     $ 2,015  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings (loss):

            

Net loss

   $  (43,620   $  (15,518   $  (28,538   $  (25,121   $  (34,618   $  (23,621

Fixed charges per above

     189       265       293       291       17,172       2,015  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings (loss)

   $  (43,431   $  (15,253   $  (28,245   $  (24,830   $  (17,446   $  (21,606
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings (loss) to fixed charges

     N/A       N/A       N/A       N/A       N/A       N/A  

Ratio of earnings (loss) to fixed charges and preferred stock dividends

     N/A       N/A       N/A       N/A       N/A       N/A  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Deficiency of earnings available to cover fixed charges and preferred stock dividends (1)

   $  (43,620   $  (15,518   $  (28,538   $  (25,121   $  (34,618   $  (23,621
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

For purposes of calculating the ratio above, total earnings (loss) consist of income (loss) before income taxes and fixed charges. Fixed charges include interest expense, non-cash interest expense and other, and an estimate of the interest expense within rental expense.

 

(1):

Adjusted earnings, as described above, were insufficient to cover fixed charges each year.