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, | ||||||||||||||||
2015 | 2014 | 2013 | 2012 | |||||||||||||
Earnings: | ||||||||||||||||
Pretax income (loss) from continuing operations | $ | 450,479 | $ | 3,313,786 | $ | 3,226,430 | $ | 4,819,306 | ||||||||
Fixed Charges | 10,008,280 | 11,046,512 | 4,591,673 | 449,164 | ||||||||||||
Dividends distributed to shareholders | 3,522,036 | 2,932,122 | 44,827 | - | ||||||||||||
Total Earnings | $ | 13,980,795 | $ | 17,292,420 | $ | 7,862,930 | $ | 5,268,470 | ||||||||
Fixed Charges: | ||||||||||||||||
Interest Expense | $ | 10,008,280 | $ | 11,046,512 | $ | 4,591,673 | $ | 449,164 | ||||||||
Preferred stock | 3,522,036 | 2,932,122 | 44,827 | - | ||||||||||||
Total Fixed Charges | $ | 13,530,316 | $ | 13,978,634 | $ | 4,636,500 | $ | 449,164 | ||||||||
Ratio of earnings to fixed charges | 1.40 | 1.57 | 1.71 | 11.73 | ||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends | 1.03 | 1.24 | 1.70 | 11.73 | ||||||||||||
Deficiency of earnings to fixed charges and preferred stock dividends | - | - | - | - |