Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year ended December 31, | Three months ended March 31, | |||||||||||||||||||||||
| 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before income taxes | 11,965,437 | 12,216,707 | 14,484,406 | 37,906,623 | 14,509,207 | 2,175,367 | ||||||||||||||||||
Add-back of loss from equity method investments | 67,745 | (24,673 | ) | 19,943 | (3,867 | ) | 1,025,727 | 76,128 | ||||||||||||||||
Add-back of fixed charges | 206,355 | 553,605 | 794,746 | 1,465,306 | 1,816,076 | 505,420 | ||||||||||||||||||
Less: interest capitalized | — | — | (36,289 | ) | (5,774 | ) | (43,032 | ) | (10,979 | ) | ||||||||||||||
Less: accretion of the redeemable equity interests of the consolidated subsidiaries | (36,534 | ) | (68,761 | ) | (52,683 | ) | (329,180 | ) | (557,918 | ) | (162,435 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| 12,203,003 | 12,676,878 | 15,210,123 | 39,033,108 | 16,750,060 | 2,583,501 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expenses | 107,857 | 447,084 | 628,571 | 1,041,394 | 1,157,562 | 323,366 | ||||||||||||||||||
Interest capitalized | — | — | 36,289 | 5,774 | 43,032 | 10,979 | ||||||||||||||||||
Estimated interest portion of rental expenses | 26,663 | 37,760 | 77,203 | 88,958 | 57,564 | 8,640 | ||||||||||||||||||
Accretion of the redeemable equity interests of the consolidated subsidiaries | 71,835 | 68,761 | 52,683 | 329,180 | 557,918 | 162,435 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| 206,355 | 553,605 | 794,746 | 1,465,306 | 1,816,076 | 505,420 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of earnings to fixed charges | 59.1 | 22.9 | 19.1 | 26.6 | 9.2 | 5.1 | ||||||||||||||||||
