EX-12.1 24 d288429dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

The following table sets forth ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred dividends for the periods indicated below.

 

     Nine
Months
Ended
September  30,
2011
    Year
Ended
December  31,
2010
    Year
Ended
December  31,
2009
    Year
Ended
December  31,
2008
    Year
Ended
December  31,
2007
    Year
Ended
December  31,
2006
 

Income (Loss) From Continuing Operations Before Income Taxes

   $ 13,749,156      $ 13,515,623      $ 33,885,889      $ 18,675,849      $ 23,489,744      $ 16,610,768   

Fixed Charges

     47,209,204        40,818,852        37,689,855        42,466,084        30,887,560        10,835,483   

Amortization of Capitalized Interest

     153,317        204,422        204,422        204,422        187,138        73,279   

Capitalized Interest

     (500,452     (63,248     —          —          (1,335,413     (6,220,427

Earnings

   $ 60,611,225      $ 54,475,649      $ 71,780,166      $ 61,346,355      $ 53,229,029      $ 21,299,103   

Interest Expense/Debt Refinancing Costs

   $ 46,675,726      $ 40,708,696      $ 37,655,907      $ 42,423,984      $ 29,527,442      $ 4,579,955   

Portion of Rent Related to Interest

     33,026        46,908        33,948        42,100        24,705        35,101   

Capitalized Interest

     500,452        63,248        —          —          1,335,413        6,220,427   

Fixed Charges

   $ 47,209,204      $ 40,818,852      $ 37,689,855      $ 42,466,084      $ 30,887,560      $ 10,835,483   

Preferred Stock Dividends

     —          —          —          —          —          —     

Combined Fixed Charges and Preferred Stock Dividends

   $ 47,209,204      $ 40,818,852      $ 37,689,855      $ 42,466,084      $ 30,887,560      $ 10,835,483   

Ratio of Earnings to Fixed Charges

     1.28     1.33     1.90     1.44     1.72     1.97

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

     1.28     1.33     1.90     1.44     1.72     1.97

Deficiency

Our ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. Our ratio of earnings to combined fixed charges and preferred dividends is computed by dividing earnings by combined fixed charges and preferred dividends. For these purposes, “earnings” is the amount resulting from adding together income (loss) from continuing operations, fixed charges, and amortization of capitalized interest and subtracting interest capitalized. “Fixed charges” is the amount resulting from adding together interest expensed and capitalized; amortized premiums, discounts and capitalized expenses related to indebtedness; and the interest portion of rent. “Combined fixed charges and preferred dividends” is the amount resulting from adding together fixed changes and preferred dividends paid and accrued for each respective period.