EXHIBIT 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended June 30, | Years ended December 31, | |||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||
Earnings: | ||||||||||||||||||||||
Income (loss) before income taxes | $ | (2,748,180 | ) | $ | (8,435,417 | ) | $ | (8,747,968 | ) | $ | 4,293,775 | $ | 9,061,453 | $ | 9,718,898 | |||||||
Add: | ||||||||||||||||||||||
Total fixed charges | 153,750 | 361,188 | 345,767 | 520,002 | 404,680 | 96,632 | ||||||||||||||||
Amortization of capitalized interest | 8,960 | 17,920 | 8,960 | — | — | — | ||||||||||||||||
Subtract: | ||||||||||||||||||||||
Interest capitalized | (13,387 | ) | — | (47,463 | ) | (131,738 | ) | — | — | |||||||||||||
Total Earnings (Loss) | (2,598,857 | ) | (8,056,309 | ) | (8,440,704 | ) | 4,682,039 | 9,466,133 | 9,815,530 | |||||||||||||
Fixed Charges: | ||||||||||||||||||||||
Interest | 153,750 | 361,188 | 345,767 | 520,002 | 404,680 | 96,632 | ||||||||||||||||
Depreciation and amortization related to indebtedness | — | — | — | — | — | — | ||||||||||||||||
Total Fixed Charges | 153,750 | 361,188 | 345,767 | 520,002 | 404,680 | 96,632 | ||||||||||||||||
Ratio of Earnings to Fixed Charges(1) | — | — | — | 9.0 | 23.4 | 101.6 | ||||||||||||||||
Deficiency in Earnings to Cover Fixed Charges | $ | 2,752,607 | $ | 8,417,497 | $ | 8,786,471 | $ | — | $ | — | $ | — |
(1) | Earnings for the six months ended June 30, 2010 and for the years ended December 31, 2009 and 2008 were inadequate to cover fixed charges and, accordingly, no ratio to fixed charges is disclosed for those periods. |