Exhibit 12.1
STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS | ||||||||||||||||||||
Three Months Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
March 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
(unaudited) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Pretax income (loss) from continuing operations | $ | 14,873,360 | $ | 12,300,467 | $ | 58,990,678 | $ | 45,411,712 | $ | 79,045,303 | ||||||||||
Fixed charges | 15,779,662 | 65,690,634 | 45,508,411 | 61,038,847 | 42,809,788 | |||||||||||||||
Total earnings before fixed charges and preferred shares | $ | 30,653,022 | $ | 77,991,101 | $ | 104,499,089 | $ | 106,450,559 | $ | 121,855,091 | ||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest (expensed and capitalized) | $ | 13,589,907 | $ | 56,308,779 | $ | 38,430,444 | $ | 52,518,198 | $ | 38,027,275 | ||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 2,181,050 | 9,344,049 | 7,042,845 | 8,491,437 | 4,765,109 | |||||||||||||||
Estimate of interest within rental expenses | 8,705 | 37,806 | 35,122 | 29,212 | 17,404 | |||||||||||||||
Total fixed charges | $ | 15,779,662 | $ | 65,690,634 | $ | 45,508,411 | $ | 61,038,847 | $ | 42,809,788 | ||||||||||
Preferred stock dividend | $ | 6,048,011 | $ | 24,437,458 | $ | 17,175,869 | $ | 7,221,041 | $ | 1,243,971 | ||||||||||
Carrying value in excess of consideration paid for preferred shares | $ | (1,611,174 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||
Ratio of earnings to combined fixed charges (1) | 1.94 | 1.19 | 2.30 | 1.74 | 2.85 | |||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends (1) | 1.52 | 0.87 | 1.67 | 1.56 | 2.77 |
(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.