Wright Medical Group N.V. - FORM 10-K - EX-12.1 - EXHIBIT 12.1 - February 27, 2018

Attached files

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10-K - 10-K - Wright Medical Group N.V.wmgi-12312017x10k.htm
EX-10.44 - EXHIBIT 10.44 - Wright Medical Group N.V.wmgi-12312017x10kxex1044.htm
EX-31.2 - EXHIBIT 31.2 - Wright Medical Group N.V.wmgi-12312017x10kxex312.htm
EX-10.90 - EXHIBIT 10.90 - Wright Medical Group N.V.wmgi-12312017x10kxex1090.htm
EX-31.1 - EXHIBIT 31.1 - Wright Medical Group N.V.wmgi-12312017x10kxex311.htm
EX-10.53 - EXHIBIT 10.53 - Wright Medical Group N.V.wmgi-12312017x10kxex1053.htm
EX-21.1 - EXHIBIT 21.1 - Wright Medical Group N.V.wmgi-12312017x10kxex211.htm
EX-10.46 - EXHIBIT 10.46 - Wright Medical Group N.V.wmgi-12312017x10kxex1046.htm
EX-32.1 - EXHIBIT 32.1 - Wright Medical Group N.V.wmgi-12312017x10kxex321.htm
EX-23.1 - EXHIBIT 23.1 - Wright Medical Group N.V.wmgi-12312017x10kxex231.htm
EX-10.45 - EXHIBIT 10.45 - Wright Medical Group N.V.wmgi-12312017x10kxex1045.htm


Exhibit 12.1
Wright Medical Group N.V.
Ratio of Earnings to Fixed Charges
The following table presents Wright Medical Group N.V.'s historical ratios of earnings to fixed charges for the years ended December 31, 2017, December 25, 2016, December 27, 2015 and December 31, 2014 and 2013. We compute this ratio by dividing the sum of earnings before income taxes and fixed charges by fixed charges. Fixed charges represent interest expense, amortization of debt issuance costs, and the interest factor of all rentals, consisting of an appropriate interest factor on operating leases.
 
Fiscal year ended
 
December 31, 2017
 
December 25, 2016
 
December 27, 2015 4
 
December 31, 2014 5
 
December 31, 2013 5
Earnings:
 
 
 
 
 
 
 
 
 
Loss from continuing operations before income taxes
$
(99,905
)
 
$
(178,340
)
 
$
(241,008
)
 
$
(246,830
)
 
$
(230,403
)
Fixed charges to add to earnings:
 
 
 
 
 
 
 
 
 
Interest expense 1
74,991

 
59,304

 
41,104

 
17,398

 
16,452

Rent interest factor 2
3,836

 
3,640

 
2,845

 
2,662

 
1,894

Total fixed charges
78,827

 
62,944

 
43,949

 
20,060

 
18,346

Earnings from continuing operations before income taxes and fixed charges
$
(21,078
)
 
$
(115,396
)
 
$
(197,059
)
 
$
(226,770
)
 
$
(212,057
)
Ratio of earnings to fixed charges 3
(0.27
)
 
(1.83
)
 
(4.48
)
 
(11.30
)
 
(11.56
)
______________________________________
1 
Interest expense consists of interest on indebtedness and amortization of debt issuance costs.
2 
Approximately one-third of rental expense is deemed representative of the interest factor.
3 
Earnings were inadequate to cover fixed charges for the years ended December 31, 2017, December 25, 2016, December 27, 2015 and December 31, 2014 and 2013 by $99.9 million, $178.3 million, $241.0 million, $246.8 million, and $230.4 million, respectively.
4 
The 2015 results were restated for the divestiture of our Large Joints business.
5 
The historical ratios of earnings to fixed charges for the years ended December 31, 2014 and 2013 are based on the financial information of Wright Medical Group, Inc., our predecessor for accounting purposes.


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