EXHIBIT 12.1
RENEWABLE ENERGY GROUP, INC.
STATEMENT REGARDING COMPUTATION OF RATIOS
(in thousands)

 
 
For the year ended December 31,
 
 
2011
 
2012
 
2013
 
2014
 
2015
 
2016
Earnings (deficiency):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income (loss) from continuing operations before
 
 
 
 
 
 
 
 
 
 
 
 
  adjustment for equity investees
 
$
91,409

 
$
23,713

 
$
191,301

 
$
86,110

 
$
(160,411
)
 
$
48,981

Add:
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
11,015

 
11,312

 
7,756

 
12,516

 
17,222

 
23,270

Amortization of cap interest
 
68

 
31

 
31

 
31

 
154

 
156

Subtract:
 
 
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 

 
33

 
335

 
1,345

 
897

 
88

Preference security dividends
 

 
3,156

 
2,055

 

 

 

Earnings (deficiency)
 
$
102,492

 
$
31,867

 
$
196,698

 
$
97,312

 
$
(143,932
)
 
$
72,319

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense and amortization of costs related to indebtedness
 
$
8,095

 
$
4,679

 
$
2,397

 
$
6,690

 
$
11,867

 
$
15,987

Interest capitalized
 

 
33

 
335

 
1,345

 
897

 
88

Estimate of interest within rental expenses
 
2,920

 
3,444

 
2,969

 
4,441

 
4,458

 
7,195

Preference security dividends
 

 
3,156

 
2,055

 
40

 

 

Total fixed charges
 
$
11,015

 
$
11,312

 
$
7,756

 
$
12,516

 
$
17,222

 
$
23,270

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges including Preference Security Dividends(1) (2)
 
9.3
 
2.8
 
25.4
 
7.8
 
 
3.1
Deficiency in the coverage of fixed charges
 
 N/A
 
 N/A
 
 N/A
 
 N/A
 
$
161,154

 
N/A


(1) Fixed charges. The term “fixed charges” means the sum of the following: (a) interest expensed and capitalized, (b) amortized premiums, discounts and capitalized expenses related to indebtedness, (c) an estimate of the interest within rental expense, and (d) preference security dividend requirements of consolidated subsidiaries.

(2) Our net losses were insufficient to cover fixed charges in the year 2015. Because of these deficiencies, the ratio information is not applicable.