EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND | ||||||||||||||||||||||||
PREFERRED STOCK DIVIDENDS | ||||||||||||||||||||||||
Six Months | Year | Year | Year | Year | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
June 30, 2009 | December 31, 2008 | December 31, 2007 | December 31, 2006 | December 31, 2005 | December 31, 2004 | |||||||||||||||||||
Net Income | $ | 8,824,755 | $ | 16,282,037 | $ | 16,826,749 | $ | 15,194,281 | $ | 14,053,083 | $ | 13,332,040 | ||||||||||||
Add: | ||||||||||||||||||||||||
Interest on indebtedness | 2,146,724 | 5,006,461 | 4,712,893 | 4,486,743 | 4,007,754 | 4,354,454 | ||||||||||||||||||
Amortization of financing costs | 139,691 | 172,954 | 182,872 | 138,028 | 151,133 | 152,258 | ||||||||||||||||||
Earnings | $ | 11,111,170 | $ | 21,461,452 | $ | 21,722,514 | $ | 19,819,052 | $ | 18,211,970 | $ | 17,838,752 | ||||||||||||
Fixed charges and preferred stock dividends: | ||||||||||||||||||||||||
Interest on indebtedness | $ | 2,279,296 | $ | 5,564,106 | $ | 5,268,893 | $ | 4,684,743 | $ | 4,444,754 | $ | 4,659,454 | ||||||||||||
Amortization of financing costs | 139,691 | 172,954 | 182,872 | 138,028 | 151,133 | 152,258 | ||||||||||||||||||
Fixed charges | 2,418,987 | 5,737,060 | 5,451,765 | 4,822,771 | 4,595,887 | 4,811,712 | ||||||||||||||||||
Add: | ||||||||||||||||||||||||
Preferred stock | ||||||||||||||||||||||||
dividends | - | - | - | - | - | - | ||||||||||||||||||
Combined fixed charges and preferred stock dividends | $ | 2,418,987 | $ | 5,737,060 | $ | 5,451,765 | $ | 4,822,771 | $ | 4,595,887 | $ | 4,811,712 | ||||||||||||
Ratio of earnings to fixed charges | 4.59 | x | 3.74 | x | 3.98 | x | 4.11 | x | 3.96 | x | 3.71 | x |