Exhibit 12.1
Statement of Computation of Ratio of Fixed Charges and Preferred Dividends to Earnings
Year Ended December 31, | ||||||||||||||||
Earnings | Three Months Ended March 31, 2013 | 2012 | 2011 | 2010 | ||||||||||||
Net income (loss) | $ | 2,289,886 | $ | 7,892,613 | $ | 9,656,321 | $ | (400,921 | ) | |||||||
Less: | ||||||||||||||||
Equity in earnings from unconsolidated joint ventures | (231,194 | ) | (1,697,980 | ) | (1,458,249 | ) | (38,013 | ) | ||||||||
Plus: | ||||||||||||||||
Fixed charges | 3,845,877 | 11,430,172 | 6,328,952 | 324,126 | ||||||||||||
Distribution of cumulative earnings from unconsolidated joint venture | - | 686,017 | 1,513,090 | 390,000 | ||||||||||||
Less: | ||||||||||||||||
Interest capitalized | (20,726 | ) | (50,315 | ) | (103,868 | ) | - | |||||||||
Total Earnings | $ | 5,883,843 | $ | 18,260,507 | $ | 15,936,246 | $ | 275,192 |
Fixed Charges | Three Months Ended March 31, 2013 | 2012 | 2011 | 2010 | ||||||||||||
Interest expense | $ | 3,229,832 | $ | 9,185,680 | $ | 4,193,966 | $ | 103,833 | ||||||||
Capitalized interest | 20,726 | 50,315 | 103,868 | - | ||||||||||||
Amortization of financing costs | 595,319 | 2,194,177 | 2,031,118 | 220,293 | ||||||||||||
Total Fixed Charges | $ | 3,845,877 | $ | 11,430,172 | $ | 6,328,952 | $ | 324,126 | ||||||||
Ratio of earnings to fixed charges | 1.53 | x | 1.60 | x | 2.52 | x | 0.85 | x | ||||||||
Ratio of earnings to combined fixed charges and preferred dividend | 1.53 | x | 1.60 | x | 2.52 | x | 0.85 | x |