EX-12.1 2 exh12_1.htm Exhibit 12.1

EXHIBIT 12.1


COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS



 

 

Year ended June 30,

  

 

2010

 

2009

 

2008

 

2007

 

2006

Earnings:

 

  

 

  

 

  

 

  

 

  

Net increase (decrease) in net assets from operations

$

(6,374,963)

$

(5,462,453)

$

(537,571)

$

199,072

$

(323,980)

Fixed charges

 

964,382 

 

1,130,738 

 

2,398,654 

 

2,158,679

 

2,157,905 

Adjusted earnings

$

(5,410,581)

$

(4,331,715)

$

1,861,083 

$

2,357,751

$

1,833,925 

  

 

 

 

 

 

 

 

  

 

 

Fixed charges:

 

 

 

 

 

 

 

  

 

 

Interest expense

$

906,202 

$

1,090,074 

$

2,357,540 

$

2,117,675

$

2,116,903 

Amortization of deferred loan costs

 

58,180 

 

40,664 

 

41,114 

 

41,004

 

41,002 

Total fixed charges

$

964,382 

$

1,130,738 

$

2,398,654 

$

2,158,679

$

2,157,905 

  

 

 

 

 

 

 

 

  

 

 

Preference dividends

 

421,875 

 

253,125 

 

337,500 

 

337,500

 

337,500 

Total fixed charges and preference dividends

$

1,386,257 

$

1,383,863 

$

2,736,154 

$

2,496,179

$

2,495,405 

  

 

 

 

 

 

 

 

  

 

 

Ratio of earnings to fixed charges

 

(3.90)

 

(3.13)

 

0.68 

 

0.94

 

0.73 

  

 

 

 

 

 

 

 

  

 

 

Deficiency of earnings to cover fixed charges and preference dividends

$

6,796,838 

$

5,715,578 

$

875,071 

$

138,428

$

661,480 

(less than 1:1 ratio)