EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended June 30, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||
Earnings from continuing operations before fixed charges | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 4,390,173 | $ | (467,485 | ) | $ | 5,061,620 | $ | (2,466,232 | ) | $ | (2,977,496 | ) | $ | (4,163,348 | ) | ||||||||
Equity (income) loss from less than fifty percent owned affiliates | — | — | (475,514 | ) | (307,370 | ) | (449,500 | ) | (178,138 | ) | ||||||||||||||
Fixed charges | 9,297,793 | 18,879,996 | 16,515,827 | 14,636,870 | 9,606,479 | 10,399,962 | ||||||||||||||||||
Amortization of capitalized interest | 38,899 | 77,799 | 77,799 | 77,799 | 77,799 | 77,799 | ||||||||||||||||||
Distributed income from less than fifty percent owned affiliates | — | — | 600,000 | 750,000 | 1,000,000 | 500,000 | ||||||||||||||||||
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Earnings from continuing operations before fixed charges | $ | 13,726,865 | $ | 18,490,310 | $ | 21,779,732 | $ | 12,691,067 | $ | 7,257,282 | $ | 6,636,275 | ||||||||||||
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Fixed charges | ||||||||||||||||||||||||
Interest expense | $ | 7,687,793 | $ | 17,735,107 | $ | 16,515,827 | $ | 14,636,870 | $ | 9,606,479 | $ | 10,399,962 | ||||||||||||
Dividend on Preferred Stock | $ | 1,610,000 | $ | 1,144,889 | — | — | — | — | ||||||||||||||||
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Fixed charges | $ | 9,297,793 | $ | 18,879,996 | $ | 16,515,827 | $ | 14,636,870 | $ | 9,606,479 | $ | 10,399,962 | ||||||||||||
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Ratio of earnings to fixed charges | 1.48 | 0.98 | 1.32 | 0.87 | 0.76 | 0.64 | ||||||||||||||||||
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Deficiency | N/A | $ | 389,686 | $ | N/A | $ | 1,945,803 | $ | 2,349,197 | $ | 3,763,687 | |||||||||||||
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