Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES


	Year Ended December 31,
	2021		2020		2019		2018		2017
	(in thousands)
Earnings:
Income (loss) before income taxes	$	17,602	$	7,072	$	(1,026)	$	11,947	$	10,853
Less: Equity in loss (earnings) of investees		(4,409)		(111)		1,876		1,080		1,694
Less: Pre-tax net (income) loss attributable to noncontrolling interest and redeemable noncontrolling interests		(1,934)		(1,803)		(1,012)		(1,355)		87
Add: Distributions paid by equity investees		—		—		—		—		—
Fixed charges and preferred stock dividends, as calculated below		721		533		358		283		278
Total earnings	$	11,980	$	5,691	$	196	$	11,955	$	12,912

Computation of fixed charges and preferred stock dividends:
Interest expense	$	422	$	222	$	94	$	—	$	—
Preferred stock dividends⁽¹⁾		177		177		177		177		177
Interest component of rent expense⁽²⁾		122		134		87		106		101
Total combined fixed charges and preferred stock dividends	$	721	$	533	$	358	$	283	$	278

Ratio of earnings to combined fixed charges and preferred stock dividends⁽³⁾		16.62		10.68		0.55		42.24		46.45
Deficiency of earnings to combined fixed charges and preferred stock dividends		N/A		N/A		N/A		N/A		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)

Effective January 1, 2019 and onwards, interest is calculated consistent with guidance under ASC 842, where an estimate for the Company's incremental borrowing rate of 4.6% is used to calculate the interest component of rent expense. The borrowing rate is calculated using a weighted average for the interest rate on the Company's revolving line of credit of 4.4% and credit facility with the Bank of China of 4.7%. For the years prior to 2019, represents one-third of total rent expense which we believe is a reasonable estimate of the interest component of rent expense.

(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.