For the year ended March 31, | |||||||||||||||||||
(dollars in thousands) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||
Income (loss) from continuing operations before income taxes | $ | (73,500 | ) | $ | 17,478 | $ | (20,257 | ) | $ | (51,018 | ) | $ | (8,369 | ) | |||||
Add fixed charges | 9,039 | 12,079 | 13,145 | 12,078 | 17,100 | ||||||||||||||
Earnings (as defined) | $ | (64,461 | ) | $ | 29,557 | $ | (7,112 | ) | $ | (38,940 | ) | $ | 8,731 | ||||||
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 6,893 | $ | 9,755 | $ | 9,754 | $ | 8,342 | $ | 12,996 | |||||||||
Amortization of debt issuance costs | (i), (ii) | (i), (iii) | (i) | (i) | (i), (iv) | ||||||||||||||
Estimated interest component of rent expenses | 2,146 | 2,324 | 3,391 | 3,736 | 4,104 | ||||||||||||||
Total fixed charges | $ | 9,039 | $ | 12,079 | $ | 13,145 | $ | 12,078 | $ | 17,100 | |||||||||
Ratio of earnings to fixed charges (v) | n/a | 2.45 | n/a | n/a | 0.51 |
(i) | In all years presented, the amortization of debt issuance costs is included in interest expense. |
(ii) | Interest expense for fiscal 2016 in this table is comprised of: (a) $6.8 million of interest expense and amortization of debt issuance costs as presented in interest expense in the Consolidated Statements of Operations and (b) $0.1 million of debt issuance costs written off related to the $81.0 million of 3.50% subordinated convertible notes purchased in fiscal 2016. The $0.1 million debt issuance costs written off are included in the loss on debt extinguishment in the Consolidated Statements of Operations for fiscal 2016. |
(iii) | Interest expense for fiscal 2015 in this table is comprised of: (a) $9.5 million of interest expense and amortization of debt issuance costs as presented in interest expense in the Consolidated Statements of Operations and (b) $0.3 million of debt issuance costs written off related to the $50 million of 3.50% subordinated convertible notes purchased in fiscal 2015. The $0.3 million debt issuance costs written off are included in the loss on debt extinguishment in the Consolidated Statements of Operations for fiscal 2015. |
(iv) | Interest expense for fiscal 2012 in this table is comprised of: (a) $10.7 million of interest expense and amortization of debt issuance costs as presented in interest expense in the Consolidated Statements of Operations and (b) $2.3 million of debt issuance costs written off related to the Credit Suisse credit agreement retired in fiscal 2012. The $2.3 million debt issuance costs written off are included in the loss on debt extinguishment in the Consolidated Statements of Operations for fiscal 2012. |
(v) | Earnings, as defined, were insufficient to cover fixed charges by $73.5 million, $20.3 million, $51.0 million and $8.4 million for fiscal years 2016, 2014, 2013 and 2012, respectively. |