| Six months ended June 30, | Years ended December 31, | |||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
| Earnings available for fixed charges: | ||||||||||||||||||||
| Net income before income taxes | $ | 32,966,316 | $ | 43,079,065 | $ | 22,803,327 | $ | 10,022,640 | $ | 4,637,296 | ||||||||||
| Less: Income from unconsolidated joint ventures | — | — | (4,286,639 | ) | (1,526,464 | ) | (714,758 | ) | ||||||||||||
| Add: Distributed equity income of affiliated companies | — | — | 4,413,972 | 1,545,437 | 607,500 | |||||||||||||||
| Add: Fixed charges | 6,917,701 | 6,094,459 | 1,410,618 | 848,005 | 1,277,356 | |||||||||||||||
| Add: Amortization of Capitalized Interest | 2,551,717 | 1,703,806 | 1,104,876 | 946,780 | 1,462,748 | |||||||||||||||
| Less: Capitalized interest | (6,878,913 | ) | (6,026,238 | ) | (1,326,976 | ) | (822,691 | ) | (1,226,142 | ) | ||||||||||
| Less: (Income) loss attributable to non-controlling interests | — | — | 589,818 | (162,969 | ) | (1,161,986 | ) | |||||||||||||
| Total Earnings available for fixed charges | $ | 35,556,821 | $ | 44,851,092 | $ | 24,708,996 | $ | 10,850,738 | $ | 4,882,014 | ||||||||||
| Fixed charges: | ||||||||||||||||||||
| Interest expense | $ | — | $ | — | $ | 50,946 | $ | 1,234 | $ | 28,152 | ||||||||||
| Capitalized interest (includes amortization of debt discount and debt issuance cost) | 6,878,913 | 6,026,238 | 1,326,976 | 822,691 | 1,226,142 | |||||||||||||||
| Portion of rental expense which represents interest factor | 38,788 | 68,221 | 32,696 | 24,080 | 23,062 | |||||||||||||||
| Total Fixed charges | $ | 6,917,701 | $ | 6,094,459 | $ | 1,410,618 | $ | 848,005 | $ | 1,277,356 | ||||||||||
Ratio of earnings to fixed charges | 5.1 | X | 7.4 | X | 17.5 | X | 12.8 | X | 3.8 | X | ||||||||||
