Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
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| Year Ended December 31, |
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| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
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Fixed Charges: |
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Interest expense |
| $ | 8,467,651 |
| $ | 7,118,461 |
| $ | 4,787,748 |
| $ | 2,799,194 |
| $ | 1,555,671 |
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Imputed interest on the rental expenses |
| $ | 44,325 |
| $ | 54,301 |
| $ | 210,437 |
| $ | 130,516 |
| $ | 36,298 |
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Amortized premiums, discounts and capitalized expenses related to indebtedness |
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An estimate of the interest within rental expense |
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Preference security dividend requirements of consolidated subsidiaries |
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Total fixed charges |
| $ | 8,511,976 |
| $ | 7,172,762 |
| $ | 4,998,185 |
| $ | 2,929,710 |
| $ | 1,591,969 |
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Preference Security Dividend: |
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Earnings: |
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pre-tax income |
| $ | 62,513,493 |
| $ | 49,409,448 |
| $ | 33,845,605 |
| $ | 19,956,860 |
| $ | 4,692,414 |
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fixed charges |
| $ | 8,511,976 |
| $ | 7,172,762 |
| $ | 4,998,185 |
| $ | 2,929,710 |
| $ | 1,591,969 |
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Amortization of capitalized interest |
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distributed income of equity investees |
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share of pre-tax losses of equity investees |
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Less: |
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interest capitalized |
| 1,096,176 |
| 23,375 |
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preference security dividend requirements of consolidated subsidiaries |
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the non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
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| $ | 15,047 |
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Total earnings |
| $ | 69,929,293 |
| $ | 56,558,835 |
| $ | 38,843,790 |
| $ | 22,886,570 |
| $ | 6,269,336 |
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Ratios |
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Earnings to fixed charges |
| 8.22 |
| 7.89 |
| 7.77 |
| 7.81 |
| 3.94 |
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Sum of fixed charges and preference dividends to earning |
| 0.12 |
| 0.13 |
| 0.13 |
| 0.13 |
| 0.25 |
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Pro forma ratios (excluding interest expenses) |
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Earnings to fixed charges |
| N/A |
| N/A |
| N/A |
| N/A |
| N/A |
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Sum of fixed charges and preference dividends to earnings |
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