Exhibit 12.1
Computation of Ratios of Earnings (Loss) to Fixed Charges and Preference Securities Dividends (Unaudited)
Nine Months Ended September 30, | Years Ended December 31, | |||||||||||||||||||||||||||
2009 | 2008 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||
EARNINGS (LOSS) | ||||||||||||||||||||||||||||
Earnings (loss) from continuing operations before cumulative effect of accounting principal | $ | (247,349,794 | ) | $ | 20,298,000 | $ | (23,198,491 | ) | $ | 7,982,844 | $ | 28,161,830 | $ | (3,008,791 | ) | $ | 6,731,807 | |||||||||||
Add fixed charges | 3,878,401 | 3,939,267 | 5,212,793 | 5,814,147 | 4,267,020 | 4,674,125 | 1,152,217 | |||||||||||||||||||||
Add amortization of capitalized interest | 117,927 | 28,023 | 37,355 | 39,511 | 43,372 | 21,909 | 9,673 | |||||||||||||||||||||
Subtract capitalized interest | — | (304,342 | ) | (304,342 | ) | (587,884 | ) | (1,037,576 | ) | (714,070 | ) | (124,419 | ) | |||||||||||||||
Earnings (loss) available for fixed charges and preferred dividends | $ | (243,353,465 | ) | $ | 23,960,948 | $ | (18,252,685 | ) | $ | 13,248,618 | $ | 31,434,646 | $ | 973,173 | $ | 7,769,278 | ||||||||||||
FIXED CHARGES | ||||||||||||||||||||||||||||
Interest cost, amortization of debt costs and capitalized interest and preferred dividends | $ | 3,878,401 | $ | 3,939,267 | $ | 5,212,793 | $ | 5,814,147 | $ | 4,267,020 | 4,674,125 | $ | 1,152,217 | |||||||||||||||
Ratio of earnings (loss) to fixed charges and preferred dividends | X | (1) | 6.08 | X | (1) | 2.28 | 7.37 | X | (1) | 6.74 | ||||||||||||||||||
X(1) | Due to the Company’s losses in 2005, the ratio coverage was less than 1:1. The Company must generate additional earnings of $3,700,952 to achieve a coverage ratio of 1:1. Due to the Company’s losses in 2008, the ratio coverage was less than 1:1. The Company must generate additional earnings of $23,465,480 to achieve a coverage ratio of 1:1. Due to the Company’s losses in the nine months ended September 30, 2009, the ratio coverage was less than 1:1. The Company must generate additional earnings of $247,231,865 to achieve a coverage ratio of 1:1. |