EXHIBIT 12.1
STATEMENT RE COMPUTATION OF RATIOS
The following table sets forth the ratio of earnings to fixed charges and preferred stock dividends for the periods indicated below:
For the years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Earnings: | ||||||||||||
Pretax income (loss) from continuing operations | $ | 3,313,786 | $ | 3,226,430 | $ | 4,819,306 | ||||||
Fixed Charges | 11,046,512 | 4,591,673 | 449,164 | |||||||||
Dividends distributed to shareholders | 2,932,122 | 44,827 | — | |||||||||
Total Earnings | $ | 17,292,420 | $ | 7,862,930 | $ | 5,268,470 | ||||||
Fixed Charges: | ||||||||||||
Interest Expense | $ | 11,046,512 | $ | 4,591,673 | $ | 449,164 | ||||||
Preferred stock | 2,932,122 | 44,827 | — | |||||||||
Total Fixed Charges | $ | 13,978,634 | $ | 4,636,500 | $ | 449,164 | ||||||
Ratio of earnings to fixed charges | 1.57 | 1.70 | 11.73 | |||||||||
Ratio of earnings to fixed charges and preferred stock dividends | 1.24 | 1.70 | 11.73 | |||||||||
Deficiency of earnings to fixed charges and preferred stock dividends | — | — | — |