Attached files
| file | filename |
|---|---|
| 10-K - 10-K - AXT INC | axti-20161231x10k.htm |
| EX-32.2 - EX-32.2 - AXT INC | axti-20161231ex322bad9f4.htm |
| EX-32.1 - EX-32.1 - AXT INC | axti-20161231ex321fad92d.htm |
| EX-31.2 - EX-31.2 - AXT INC | axti-20161231ex312e436d2.htm |
| EX-31.1 - EX-31.1 - AXT INC | axti-20161231ex311ff2da1.htm |
| EX-23.1 - EX-23.1 - AXT INC | axti-20161231ex2313be0ae.htm |
| EX-21.1 - EX-21.1 - AXT INC | axti-20161231ex2111e0e0f.htm |
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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Year Ended December 31, |
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2016 |
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2015 |
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2014 |
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2013 |
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2012 |
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2011 |
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(in thousands) |
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Earnings: |
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Income (loss) before income taxes |
$ |
5,699 |
$ |
(2,002) |
$ |
(482) |
$ |
(6,625) |
$ |
7,003 |
$ |
28,618 |
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Less: Equity in (earnings) loss of investees |
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1,995 |
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(462) |
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(1,528) |
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(1,377) |
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(1,281) |
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(741) |
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Less: Pre-tax net (income) loss attributable to noncontrolling interest |
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670 |
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305 |
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(691) |
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(1,145) |
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(3,040) |
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(5,503) |
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Add: Distributions paid by equity investees |
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- |
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305 |
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327 |
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308 |
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436 |
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215 |
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Fixed charges and preferred stock dividends, as calculated below |
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287 |
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281 |
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264 |
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391 |
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327 |
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330 |
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Total earnings |
$ |
8,651 |
$ |
(1,573) |
$ |
(2,110) |
$ |
(8,448) |
$ |
3,445 |
$ |
22,919 |
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Computation of fixed charges and preferred stock dividends: |
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Interest expense |
$ |
- |
$ |
- |
$ |
- |
$ |
1 |
$ |
1 |
$ |
- |
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Preferred stock dividends(3) |
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177 |
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177 |
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177 |
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177 |
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177 |
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177 |
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Interest component of rent expense(1) |
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110 |
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104 |
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87 |
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213 |
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149 |
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153 |
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Total combined fixed charges and preferred stock dividends |
$ |
287 |
$ |
281 |
$ |
264 |
$ |
391 |
$ |
327 |
$ |
330 |
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Ratio of earnings to combined fixed charges and preferred stock dividends(2) |
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30.11 |
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N/A |
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N/A |
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N/A |
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10.54 |
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69.45 |
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Deficiency of earnings to combined fixed charges and preferred stock dividends |
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N/A |
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(1,854) |
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(2,374) |
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(8,839) |
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N/A |
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N/A |
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(1) |
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. |
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(2) |
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. |
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(3) |
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. |
NM = ratio not meaningful