Exhibit 12.1
Statement of Computation of Ratio of Fixed Charges and Preferred Dividends to Earnings
Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||
Earnings | 2013 | 2012 | 2011 | 2010 | ||||||||||||
Net income (loss) | $ | 30,736,718 | $ | 7,892,613 | $ | 9,656,321 | $ | (400,921 | ) | |||||||
Less: | ||||||||||||||||
Equity in earnings from unconsolidated joint ventures | (2,389,937 | ) | (1,697,980 | ) | (1,458,249 | ) | (38,013 | ) | ||||||||
Plus: | ||||||||||||||||
Fixed charges | 11,038,246 | 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 | (64,143 | ) | (50,315 | ) | (103,868 | ) | — | |||||||||
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Total Earnings | $ | 39,320,884 | $ | 18,260,507 | $ | 15,936,246 | $ | 275,192 | ||||||||
Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||
Fixed Charges | 2013 | 2012 | 2011 | 2010 | ||||||||||||
Interest expense | $ | 9,071,464 | $ | 9,185,680 | $ | 4,193,966 | $ | 103,833 | ||||||||
Capitalized interest | 64,143 | 50,315 | 103,868 | — | ||||||||||||
Amortization of financing costs | 1,902,639 | 2,194,177 | 2,031,118 | 220,293 | ||||||||||||
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Total Fixed Charges | $ | 11,038,246 | $ | 11,430,172 | $ | 6,328,952 | $ | 324,126 | ||||||||
Ratio of earnings to fixed charges | 3.56x | 1.60x | 2.52x | 0.85x | ||||||||||||
Ratio of earnings to combined fixed charges and preferred dividend | 3.56x | 1.60x | 2.52x | 0.85x |