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
Years Ended December 31, | ||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense | $ | 34,213,004 | $ | 23,544,582 | $ | 8,467,651 | $ | 7,118,461 | $ | 4,787,748 | ||||||||||
Imputed interest on the rental expenses | $ | 5,155 | $ | 21,036 | $ | 44,325 | $ | 54,301 | $ | 210,437 | ||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | — | — | — | — | — | |||||||||||||||
An estimate of the interest within rental expense | — | — | — | — | — | |||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | |||||||||||||||
Total fixed charges | $ | 34,218,159 | $ | 23,565,618 | $ | 8,511,976 | $ | 7,172,762 | $ | 4,998,185 | ||||||||||
Preference Security Dividend: | — | — | — | — | — | |||||||||||||||
Earnings: | - | |||||||||||||||||||
pre-tax income | $ | 49,773,802 | $ | 69,023,073 | $ | 62,513,493 | $ | 49,409,448 | $ | 33,845,605 | ||||||||||
fixed charges | $ | 34,218,159 | $ | 23,565,618 | $ | 8,511,976 | $ | 7,172,762 | $ | 4,998,185 | ||||||||||
Amortization of capitalized interest | — | — | — | — | — | |||||||||||||||
distributed income of equity investees | — | — | — | — | — | |||||||||||||||
share of pre-tax losses of equity investees | — | — | — | — | — | |||||||||||||||
Less: | ||||||||||||||||||||
interest capitalized | — | 196,553 | 1,096,176 | 23,375 | — | |||||||||||||||
preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | |||||||||||||||
the non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges | — | — | — | — | — | |||||||||||||||
Total earnings | $ | 83,991,961 | $ | 92,392,138 | $ | 69,929,293 | $ | 56,558,835 | $ | 38,843,790 | ||||||||||
Ratios | ||||||||||||||||||||
Earnings to fixed charges | 2.45 | 3.93 | 8.22 | 7.89 | 7,77 | |||||||||||||||
Sum of fixed charges and preference dividends to earning | 0.40 | 0.25 | 0.12 | 0.13 | 0.13 |
Ex. 12.1 |