Exhibit 12.1
Computation of Ratios of Earnings (Loss) to Fixed Charges and Preference Securities Dividends (Unaudited)
For The Three Months Ended March 31, | For The Year Ended December 31, | |||||||||||||||||||||||||||
2011 | 2010 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||
EARNINGS (LOSS) | ||||||||||||||||||||||||||||
Earnings (loss) from continuing operations before cumulative effect | $ | 456,269 | $ | 10,381,328 | $ | 11,198,735 | $ | (265,275,420 | ) | $ | (23,198,491 | ) | $ | 7,982,844 | $ | 28,161,830 | ||||||||||||
Add fixed charges | 3,391,020 | 1,279,627 | 10,390,228 | 5,337,082 | 5,212,793 | 5,814,147 | 4,267,020 | |||||||||||||||||||||
Add amortization of capitalized interest | 5,484 | 5,349 | 21,397 | 3,441,736 | 37,355 | 39,511 | 43,372 | |||||||||||||||||||||
Subtract preference securities dividends | (2,096,581 | ) | — | (2,405,895 | ) | — | — | — | — | |||||||||||||||||||
Subtract capitalized interest | — | — | — | — | (304,342 | ) | (587,884 | ) | (1,037,576 | ) | ||||||||||||||||||
Earnings (loss) available for fixed charges and preference securities dividends | $ | 1,756,192 | $ | 11,666,304 | $ | 19,204,465 | $ | (256,496,602 | ) | $ | (18,252,685 | ) | $ | 13,248,618 | $ | 31,434,646 | ||||||||||||
FIXED CHARGES | ||||||||||||||||||||||||||||
Interest cost, amortization of debt costs and capitalized interest | $ | 3,391,020 | $ | 1,279,627 | $ | 10,390,228 | $ | 5,337,082 | $ | 5,212,793 | $ | 5,814,147 | $ | 4,267,020 | ||||||||||||||
Ratio of earnings (loss) to fixed charges and preference securities dividends | X | (1) | 9.12 | 1.85 | X | (1) | X | (1) | 2.28 | 7.37 | ||||||||||||||||||
X(1) | Due to the Company’s insufficient earnings for the three months ended March 31, 2011, the ratio coverage was less than 1:1. The Company must generate additional earnings of $1,634,828 to achieve a coverage ratio of 1:1. Due to the Company’s losses for the year ended December 31, 2008, the ratio coverage was less than 1:1. The Company must generate additional earnings of $23,465,478 to achieve a coverage ratio of 1:1. Due to the Company’s losses for the year ended December 31, 2009, the ratio coverage was less than 1:1. The Company must generate additional earnings of $261,833,684 to achieve a coverage ratio of 1:1. |