Year Ended December 31, 

2017

2016

2015

2014

2013

2012

(in thousands)

Earnings:

Income (loss) before income taxes

$

10,853

$

5,699

$

(2,002)

$

(482)

$

(6,625)

$

7,003

Less:  Equity in (earnings) loss of investees

1,694

1,995

(462)

(1,528)

(1,377)

(1,281)

Less: Pre-tax net (income) loss attributable to noncontrolling interest

87

670

305

(691)

(1,145)

(3,040)

Add:  Distributions paid by equity investees

 -

 -

305

327

308

436

Fixed charges and preferred stock dividends, as calculated below

278

287

281

264

391

327

Total earnings

$

12,912

$

8,651

$

(1,573)

 $

(2,110)

 $

(8,448)

 $

3,445

Computation of fixed charges and preferred stock dividends:

Interest expense

$

 -

$

 -

$

 -

$

 -

$

$

Preferred stock dividends(3)

177

177

177

177

177

177

Interest component of rent expense(1)

101

110

104

87

213

149

Total combined fixed charges and preferred stock dividends

$

278

$

287

$

281

$

264

$

391

$

327

Ratio of earnings to combined fixed charges and preferred stock dividends(2)

46.45

30.14

N/A

N/A

N/A

10.54

Deficiency of earnings to combined fixed charges and preferred stock dividends

N/A

N/A

(1,854)

(2,374)

(8,839)

N/A

(1)

Dividends accrue on our outstanding Series A preferred stock at the rate of $0.20 per annum per share of Series A preferred stock. We have not paid any dividends on preferred stock.  883,000 shares of our preferred stock were issued and outstanding for all of the periods presented.

(2)

Represents one-third of total rent expense which we believe is a reasonable estimate of the interest component of rent expense. Interest component of rental expense is estimated based on interest on tenant improvement loan at 4%, which is considered a reasonable approximation of the interest factor. In 2010, the full amount of the tenant improvement was paid off.

(3)

For periods in which there is a deficiency of earnings available to cover combined fixed charges and preferred stock dividends, the ratio information is not applicable.