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Statement Regarding Computation
of Ratio of Earnings to Fixed Charges
| | Nine Months Ended September 30, 2013 | Year Ended December 31, | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||
Earnings | |||||||||||||||||||
Income (loss) from continuing operations before taxes | $ | 71,688,332 | $ | 74,561,874 | $ | 27,499,185 | $ | 10,421,077 | $ | (130,234,211 | ) | $ | 108,063,444 | ||||||
Plus: Fixed charges | 14,012,990 | 4,132,955 | 4,017,230 | 26,920,407 | 24,544,597 | 18,213,306 | |||||||||||||
Pro forma adjustments | |||||||||||||||||||
Plus: Reduction in revolver interest expense | — | — | — | — | — | — | |||||||||||||
Less: Interest expense on Senior Notes | |||||||||||||||||||
Less: Incremental Interest expense on Senior Notes | — | — | — | — | — | — | |||||||||||||
Less: Amoritzation of Senior Notes costs | |||||||||||||||||||
Less: Incremental Amoritzation of Senior Notes costs | — | — | — | — | — | — | |||||||||||||
Earnings, as defined | $ | 85,701,322 | $ | 78,694,829 | $ | 31,516,415 | $ | 37,341,484 | $ | (105,689,614 | ) | $ | 126,276,750 | ||||||
Fixed charges | |||||||||||||||||||
Interst expense | 14,012,990 | 4,132,955 | 4,017,230 | 26,920,407 | 24,544,597 | 18,213,306 | |||||||||||||
Pro forma adjustments: | |||||||||||||||||||
Less: Reduction in revolver interest expense | — | — | — | — | — | — | |||||||||||||
Less: Interest expense on Senior Notes | |||||||||||||||||||
Less: Incremental Interest expense on Senior Notes | — | — | — | — | — | — | |||||||||||||
Less: Amoritzation of Senior Notes costs | |||||||||||||||||||
Less: Incremental Amoritzation of Senior Notes costs | — | — | — | — | — | — | |||||||||||||
Fixed charges, as defined | $ | 14,012,990 | $ | 4,132,955 | $ | 4,017,230 | $ | 26,920,407 | $ | 24,544,597 | $ | 18,213,306 | |||||||
Ratio of earnings to fixed charges | 6.1x | 19.0x | 7.8x | 1.4x | ---- | (1) | 6.9x | ||||||||||||
- (1)
- For the year ended December 31, 2009, earnings were inadequate to cover charges and the ratio of earnings to fixed charges therefor has not been presented for that period. The coverage deficiency necessary for the ratio of earnings to fixed charges to equal 1.00x (one-to-one coverage) was $130.2 million for the year ended December 31, 2009.
Statement Regarding Computation of Ratio of Earnings to Fixed Charges