Exhibit 12.1
STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS
Year ended | Year ended | Year ended | Year ended | Year ended | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Pretax income before preferred shares from continuing operations | $ | 58,990,678 | $ | 45,411,712 | $ | 79,045,303 | $ | 49,752,614 | $ | 25,167,380 | ||||||||||
Fixed charges | 45,508,411 | 61,038,846 | 42,809,788 | 30,450,471 | 36,486,361 | |||||||||||||||
Total | $ | 104,499,089 | $ | 106,450,558 | $ | 121,855,091 | $ | 80,203,085 | $ | 61,653,741 | ||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest (expensed and capitalized) | $ | 38,430,444 | $ | 52,518,198 | $ | 38,027,275 | $ | 27,043,926 | $ | 31,876,054 | ||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 7,042,845 | 8,491,437 | 4,765,109 | 3,387,123 | 4,590,397 | |||||||||||||||
Estimate of interest within rental expenses | 35,122 | 29,212 | 17,404 | 19,422 | 19,910 | |||||||||||||||
Total | $ | 45,508,411 | $ | 61,038,847 | $ | 42,809,788 | $ | 30,450,471 | $ | 36,486,361 | ||||||||||
Preferred stock dividend | $ | 17,175,869 | $ | 7,221,041 | $ | 1,243,971 | $ | — | $ | — | ||||||||||
Ratio of earnings to combined fixed charges (1) | 2.30 | 1.74 | 2.85 | 2.63 | 1.69 | |||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends (1) | 1.67 | 1.56 | 2.77 | 2.63 | 1.69 |
(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. |