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EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS
Year ended June 30, | |||||
| 2009 | 2008 | 2007 | 2006 | 2005 |
Earnings: |
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Net increase (decrease) in net assets from operations | $(5,462,453) | $(537,571) | $199,072 | $(323,980) | $258,908 |
Fixed charges | 1,130,738 | 2,398,654 | 2,158,679 | 2,157,905 | 1,885,689 |
Adjusted earnings | $(4,331,715) | $1,861,083 | $2,357,751 | $1,833,925 | $2,144,597 |
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Fixed charges: |
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Interest expense | $1,090,074 | $2,357,540 | $2,117,675 | $2,116,903 | $1,837,633 |
Amortization of deferred loan costs | 40,664 | 41,114 | 41,004 | 41,002 | 48,056 |
Total fixed charges | 1,130,738 | 2,398,654 | 2,158,679 | 2,157,905 | 1,885,689 |
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Preference dividends | 253,125 | 337,500 | 337,500 | 337,500 | 337,500 |
Total fixed charges and preference dividends | $1,383,863 | $2,736,154 | $2,496,179 | $2,495,405 | $2,223,189 |
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Ratio of earnings to fixed charges | (3.13) | 0.68 | 0.94 | 0.73 | 0.96 |
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Deficiency of earnings to cover fixed charges and preference dividends | $5,715,578 | $875,071 | $138,428 | $661,480 | $78,592 |
(less than 1:1 ratio) |
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