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, | |||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Earnings: | |||||||||||||||||||
Pretax income before preferred shares from continuing operations | $ | 12,300,467 | $ | 58,990,678 | $ | 45,411,712 | $ | 79,045,303 | $ | 49,752,614 | |||||||||
Fixed charges | 65,690,634 | 45,508,411 | 61,038,847 | 42,809,788 | 30,450,471 | ||||||||||||||
Total | $ | 77,991,101 | $ | 104,499,089 | $ | 106,450,559 | $ | 121,855,091 | $ | 80,203,085 | |||||||||
Fixed Charges: | |||||||||||||||||||
Interest (expensed and capitalized) | $ | 56,308,779 | $ | 38,430,444 | $ | 52,518,198 | $ | 38,027,275 | $ | 27,043,926 | |||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 9,344,049 | 7,042,845 | 8,491,437 | 4,765,109 | 3,387,123 | ||||||||||||||
Estimate of interest within rental expenses | 37,806 | 35,122 | 29,212 | 17,404 | 19,422 | ||||||||||||||
Total | $ | 65,690,634 | $ | 45,508,411 | $ | 61,038,847 | $ | 42,809,788 | $ | 30,450,471 | |||||||||
Preferred stock dividend | $ | 24,437,458 | $ | 17,175,869 | $ | 7,221,041 | $ | 1,243,971 | $ | — | |||||||||
Ratio of earnings to combined fixed charges (1) | 1.19 | 2.30 | 1.74 | 2.85 | 2.63 | ||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends (1) | 0.87 | 1.67 | 1.56 | 2.77 | 2.63 |
(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. |