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:
|
| | | | | | | | | | | | | | | | | | | |
| | 2017 | | 2016 | | 2015 | | 2014 | | 2013 |
| Earnings: | | | | | | | | | |
| Pretax income (loss) from continuing operations | $ | 4,706,961 |
| | $ | (10,426,645 | ) | | $ | 450,479 |
| | $ | 3,313,786 |
| | $ | 3,226,430 |
|
| Fixed Charges | 13,493,197 |
| | 6,475,584 |
| | 10,008,280 |
| | 11,046,512 |
| | 4,591,673 |
|
| Dividends distributed to shareholders | 3,522,036 |
| | 3,522,036 |
| | 3,522,036 |
| | 2,887,295 |
| | 44,827 |
|
| Total Earnings | $ | 21,722,194 |
| | $ | (429,025 | ) | | $ | 13,980,795 |
| | $ | 17,247,593 |
| | $ | 7,862,930 |
|
| | | | | | | | | | |
| Fixed Charges: | | | | | | | | | |
| Interest Expense | $ | 13,493,197 |
| | $ | 6,475,584 |
| | $ | 10,008,280 |
| | $ | 11,046,512 |
| | $ | 4,591,673 |
|
| Preferred stock | 3,522,036 |
| | 3,522,036 |
| | 3,522,036 |
| | 2,887,295 |
| | 44,827 |
|
| Total Fixed Charges | $ | 17,015,233 |
| | $ | 9,997,620 |
| | $ | 13,530,316 |
| | $ | 13,933,807 |
| | $ | 4,636,500 |
|
| | | | | | | | | | |
| Ratio of earnings to fixed charges | 1.61 |
| | (0.07 | ) | | 1.40 |
| | 1.56 |
| | 1.71 |
|
| Ratio of earnings to fixed charges and preferred stock dividends | 1.28 |
| | (0.04 | ) | | 1.03 |
| | 1.24 |
| | 1.70 |
|
| Deficiency of earnings to fixed charges and preferred stock dividends | — |
| | 10,426,645 |
| | — |
| | — |
| | — |
|
