Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
|
| Year Ended December 31, |
| Nine Months Ended |
| ||||||||
|
| 2009 |
| 2010 |
| 2011 |
| 2012 |
| 2013 |
| September 30, 2014 |
|
Computation of Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income tax and equity in earnings of equity method investments, net of tax |
| 5,625,539 |
| (4,143,261 | ) | 15,042,856 |
| (251,618 | ) | 9,574,137 |
| 14,545,807 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges |
| 395,458 |
| 864,134 |
| 1,735,995 |
| 1,536,001 |
| 3,161,804 |
| 4,239,104 |
|
Amortization of capitalized interests |
| 160,562 |
| 164,931 |
| 666,168 |
| 1,174,454 |
| 405,231 |
| 1,527,976 |
|
Equity in earning of equity method investments, net of tax |
| 172,773 |
| 11,254 |
| 3,062 |
| 5,604 |
| 78,362 |
| 3,327,704 |
|
Subtract: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interests capitalized |
| 353,125 |
| 454,535 |
| 1,146,162 |
| 1,136,682 |
| 1,779,121 |
| 3,041,243 |
|
Income (loss) before income tax attributable to noncontrolling interests |
| 51,685 |
| 211,822 |
| 374,491 |
| (841,980 | ) | (1,275,050 | ) | (832,829 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings |
| 5,949,522 |
| (3,769,299 | ) | 15,927,428 |
| 2,169,739 |
| 12,715,463 |
| 21,432,177 |
|
|
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|
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Computation of Fixed Charges |
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|
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|
|
|
Interests expensed |
| 42,333 |
| 409,599 |
| 589,833 |
| 399,319 |
| 1,382,683 |
| 1,197,861 |
|
Interests capitalized |
| 353,125 |
| 454,535 |
| 1,146,162 |
| 1,136,682 |
| 1,779,121 |
| 3,041,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Charges |
| 395,458 |
| 864,134 |
| 1,735,995 |
| 1,536,001 |
| 3,161,804 |
| 4,239,104 |
|
|
|
|
|
|
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|
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|
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|
Ratio of Earnings to Fixed Charges |
| 15.0 |
| — |
| 9.2 |
| 1.4 |
| 4.0 |
| 5.1 |
|
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|
|
|
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Deficiency |
|
|
| 4,633,433 |
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