EX-12.1 4 dex121.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement of Computation of ratio of Earnings to Fixed Charges

EXHIBIT 12.1

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Six Months Ended
June 30,		     Years ended December 31,
     2010     2009     2008     2007     2006    2005

Earnings:

              

Income (loss) before income taxes

    $ (2,748,180 )    $ (8,435,417 )    $ (8,747,968 )    $ 4,293,775      $ 9,061,453    $ 9,718,898

Add:

              

Total fixed charges

      153,750        361,188        345,767        520,002        404,680      96,632

Amortization of capitalized interest

      8,960        17,920        8,960        —          —        —  

Subtract:

              

Interest capitalized

      (13,387 )      —          (47,463 )      (131,738 )      —        —  
                                             

Total Earnings (Loss)

      (2,598,857 )      (8,056,309 )      (8,440,704 )      4,682,039        9,466,133      9,815,530
                                             

Fixed Charges:

              

Interest

      153,750        361,188        345,767        520,002        404,680      96,632

Depreciation and amortization related to indebtedness

      —          —          —          —          —        —  
                                             

Total Fixed Charges

      153,750        361,188        345,767        520,002        404,680      96,632
                                             

Ratio of Earnings to Fixed Charges(1)

      —          —          —          9.0        23.4      101.6

Deficiency in Earnings to Cover Fixed Charges

    $ 2,752,607      $ 8,417,497      $ 8,786,471      $ —        $ —      $ —  

 

(1) Earnings for the six months ended June 30, 2010 and for the years ended December 31, 2009 and 2008 were inadequate to cover fixed charges and, accordingly, no ratio to fixed charges is disclosed for those periods.