Exhibit 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges
| Year Ended December 31, | |||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||
| Computationof (Loss) Earnings: | |||||||||||||||||
| Income (loss) before income taxes | $ | (120,309,482 | ) | $ | (89,810,304 | ) | $ | 9,374,328 | $ | 43,337,067 | $ | 34,025,140 | |||||
| Add: | |||||||||||||||||
| Fixed charges | 5,553,522 | 4,646,818 | 2,948,406 | 1,539,407 | 388,686 | ||||||||||||
| Net loss (income) attributable to the non-controlling interest | 2,969,204 | 992,050 | (660,781 | ) | (1,071,626 | ) | (43,076 | ) | |||||||||
| (Loss) Earnings | $ | (111,786,756 | ) | $ | (84,171,436 | ) | $ | 11,661,953 | $ | 43,804,848 | $ | 34,370,750 | |||||
| Computationof FixedCharges | |||||||||||||||||
| Interests expensed | $ | 5,553,522 | $ | 4,646,818 | $ | 2,948,406 | $ | 1,539,407 | $ | 388,686 | |||||||
| Fixed Charges | $ | 5,553,522 | $ | 4,646,818 | $ | 2,948,406 | $ | 1,539,407 | $ | 388,686 | |||||||
| Ratio of(Loss) Earnings toFixed Charges | (20.1 | ) | (a) | (18.1 | ) | (b) | 4.0 | 28.5 | 88.4 | ||||||||
| Deficiency | $ | 117,340,278 | $ | 88,818,254 | $ | — | $ | — | $ | — | |||||||
(a) Due to the loss recorded in 2013, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of approximately $117 million to achieve coverage of 1:1 in 2013.
(b) Due to the loss recorded in 2012, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of approximately $89 million to achieve coverage of 1:1 in 2012.
