EX-12.1 4 d559609dex121.htm EXHIBIT 12.1 Exhibit 12.1

EXHIBIT 12.1

RATIO OF EARNINGS TO FIXED CHARGES

 

     Six Months
Ended June 30,
2013
    Year Ended
December 31,
2012
    Year Ended
December 31,
2011
    Year Ended
December 31,
2010
    Year Ended
December 31,
2009
    Year Ended
December 31,
2008
 

Earnings from continuing operations before fixed charges

            

Loss from continuing operations

   $ (279,844   $ (4,026,482   $ (5,569,788   $ (3,037,917   $ (4,817,713   $ (2,395,709

Equity (income) loss from less than fifty percent owned affiliates

     (557,116     (172,172     60,094        (16,931     249,367        (48,496

Fixed charges

     5,013,191        12,382,146        10,821,815        10,030,517        9,932,426        8,413,513   

Amortization of capitalized interest

     38,900        77,799        77,799        77,799        71,836        24,509   

Distributed income from less than fifty percent owned affiliates

     750,000        500,000        437,500        238,386        318,521        149,317   

Capitalized interest

     —          —          —          —          (270,555     (1,602,053
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings from continuing operations before fixed charges

   $ 4,965,131      $ 8,761,291      $ 5,827,420      $ 7,291,851      $ 5,483,882      $ 4,541,081   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges

            

Interest expense

   $ 5,013,191      $ 12,382,146      $ 10,821,815      $ 10,030,517      $ 9,661,871      $ 6,811,460   

Capitalized interest

     —          —          —          —          270,555        1,602,053   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges

     5,013,191        12,382,146        10,821,815        10,030,517        9,932,426        8,413,513   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

     0.99        0.71        0.54        0.73        0.55        0.54   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Deficiency

   $ 48,060      $ 3,620,855      $ 4,994,395      $ 2,738,663      $ 4,448,544      $ 3,872,432