<Page> EXHIBIT 12.1 STATEMENT RE: COMPUTATION OF RATIOS <Table> <Caption> SIX MONTHS SIX MONTHS ENDED JUNE 30, ENDED JUNE 30, 2001 2002 --------------- --------------- Income (loss) before income taxes and extraordinary item.... $(1,796,976) $(2,390,290) Interest expense............................................ 21,047,331 19,128,401 ----------- ----------- Adjusted earnings (loss).................................... $19,250,355 $16,738,111 =========== =========== Interest expense............................................ $21,047,331 $19,128,401 ----------- ----------- Adjusted fixed charges...................................... $21,047,331 $19,128,401 =========== =========== Ratio of earnings to fixed charges.......................... 0.91 0.88 =========== =========== Deficiency in earnings...................................... $ 1,796,976 $ 2,390,290 </Table>