Exhibit 12.1
STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS | ||||||||||||||||||||||||
Nine Months Ended | Year ended | Year ended | Year ended | Year ended | Year ended | |||||||||||||||||||
September 30, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Pretax Income from continuing operations | $ | 49,895,125 | $ | 45,411,712 | $ | 79,045,303 | $ | 49,752,614 | $ | 25,167,380 | $ | 6,336,588 | ||||||||||||
Fixed charges | 31,863,615 | 61,038,847 | 42,809,788 | 30,450,471 | 36,486,361 | 45,450,398 | ||||||||||||||||||
Total earnings before fixed charges and preferred shares | $ | 81,758,740 | $ | 106,450,559 | $ | 121,855,091 | $ | 80,203,085 | $ | 61,653,741 | $ | 51,786,986 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest (expensed and capitalized) | $ | 26,615,911 | $ | 52,518,198 | $ | 38,027,275 | $ | 27,043,926 | $ | 31,876,054 | $ | 41,369,137 | ||||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 5,220,408 | 8,491,437 | 4,765,109 | 3,387,123 | 4,590,397 | 4,058,255 | ||||||||||||||||||
Estimate of interest within rental expenses | 27,296 | 29,212 | 17,404 | 19,422 | 19,910 | 23,006 | ||||||||||||||||||
Total fixed charges | $ | 31,863,615 | $ | 61,038,847 | $ | 42,809,788 | $ | 30,450,471 | $ | 36,486,361 | $ | 45,450,398 | ||||||||||||
Preferred stock dividend | $ | 11,303,163 | $ | 7,221,041 | $ | 1,243,971 | $ | — | $ | — | $ | — | ||||||||||||
Ratio of earnings to combined fixed charges (1) | 2.57 | 1.74 | 2.85 | 2.63 | 1.69 | 1.14 | ||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends (1) | 1.89 | 1.56 | 2.77 | 2.63 | 1.69 | 1.14 |
(1) The Company did not have any shares of preferred stock outstanding until June 2012 and paid its first preferred stock dividend in July 2012.