Exhibit 12.1
Statement of Computation of Ratio of Fixed Charges and Preferred Dividends to Earnings
| Nine Months Ended | Year ended December 31, | |||||||||||||||||||
Earnings | September 30, 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Net income (loss) | 16,297,701 | 34,691,982 | 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 | 20,711,742 | 15,934,664 | 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 | (17,070 | ) | (79,686 | ) | (50,315 | ) | (103,868 | ) | — | |||||||||||
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Total Earnings | 36,992,373 | 48,157,023 | 18,260,507 | 15,936,246 | 275,192 | |||||||||||||||
| Nine Months Ended | Year ended December 31, | |||||||||||||||||||
Fixed Charges | September 30, 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Interest expense | 21,005,659 | 15,999,291 | 10,883,952 | 6,068,508 | 489,393 | |||||||||||||||
Capitalized interest | 17,070 | 79,686 | 50,315 | 103,868 | — | |||||||||||||||
Amortization of financing costs | (310,987 | ) | (144,313 | ) | 495,905 | 156,576 | (165,267 | ) | ||||||||||||
Total Fixed Charges | 20,711,742 | 15,934,664 | 11,430,172 | 6,328,952 | 324,126 | |||||||||||||||
Ratio of earnings to fixed charges | 1.79x | 3.02x | 1.60x | 2.52x | 0.85x | |||||||||||||||
Ratio of earnings to combined fixed charges and preferred dividend | 1.79x | 3.02x | 1.60x | 2.52x | 0.85x | |||||||||||||||