EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
Year | Year | Year | Year | Year | ||||||||||||||||
Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
December 31, 2012 | December 31, 2011 | December 31, 2010 | December 31, 2009 | December 31, 2008 | ||||||||||||||||
Income From Continuing Operations | 14,924,146 | $ | 14,336,599 | $ | 5,344,133 | $ | 10,577,001 | $ | 9,080,178 | |||||||||||
Add: | ||||||||||||||||||||
Interest on indebtedness | 4,552,930 | 3,678,884 | 3,215,554 | 3,042,652 | 3,633,134 | |||||||||||||||
Amortization of financing costs | 581,353 | 277,934 | 245,444 | 267,210 | 151,929 | |||||||||||||||
Earnings | $ | 20,058,429 | $ | 18,293,417 | $ | 8,805,131 | $ | 13,886,863 | $ | 12,865,241 | ||||||||||
Fixed charges and preferred stock dividends: | ||||||||||||||||||||
Interest on indebtedness and capitalized interest | $ | 4,692,984 | $ | 3,678,884 | $ | 3,534,789 | $ | 3,263,434 | $ | 4,190,779 | ||||||||||
Amortization of financing costs | 581,353 | 277,934 | 245,444 | 267,210 | 151,929 | |||||||||||||||
Fixed charges | 5,274,337 | 3,956,818 | 3,780,233 | 3,530,644 | 4,342,708 | |||||||||||||||
Add: | ||||||||||||||||||||
Preferred stock dividends | - | - | - | - | - | |||||||||||||||
Combined fixed charges and preferred stock dividends | $ | 5,274,337 | $ | 3,956,818 | $ | 3,780,233 | $ | 3,530,644 | $ | 4,342,708 | ||||||||||
Ratio of earnings to fixed charges | 3.80 | x | 4.62 | x | 2.33 | x | 3.93 | x | 2.96 | x |