EX-12.1 3 ratioofearningsexhibit211.htm EXHIBIT 12.1 Ratio of Earnings EXHIBIT 12.1





 
 
 
 
 
 
 
 
 
 
 
 
Exhibit 12.1
STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine months ended
 
Year ended
 
Year ended
 
Year ended
 
Year ended
 
Year ended
 
September 30,
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
2008
 
 
(unaudited)
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations
 
$
49,507,580

 
$
79,045,303

  
$
49,752,614

  
$
25,167,380

 
$
6,336,588

 
$
(3,314,694
)
Fixed charges
 
34,082,367

 
42,809,788

  
30,450,471

  
36,486,361

 
45,450,398

 
79,640,808

Total earnings before fixed charges and preferred shares
 
$
83,589,947

 
$
121,855,091

  
$
80,203,085

  
$
61,653,741

 
$
51,786,986

 
$
76,326,114

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest (expensed and capitalized)
 
$
30,460,486

 
$
38,027,275

  
$
27,043,926

  
$
31,876,054

 
$
41,369,137

 
$
76,490,096

Amortized premiums, discounts and capitalized expenses related to indebtedness
 
3,600,647

 
4,765,109

  
3,387,123

  
4,590,397

 
4,058,255

 
3,128,657

Estimate of interest within rental expenses
 
21,235

 
17,404

  
19,422

  
19,910

 
23,006

 
22,055

Total fixed charges
 
$
3,621,882

 
$
42,809,788

  
$
30,450,471

  
$
36,486,361

 
$
45,450,398

 
$
79,640,808

 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock dividend
 
$
5,107,422

 
$
1,243,971

  
$
—

  
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges (1)
 
23.08

 
2.85

  
2.63

  
1.69

 
1.14

 
0.96

Ratio of earnings to combined
fixed charges and preferred
stock dividends (1)
 
9.58

 
2.77

  
2.63

  
1.69

 
1.14

 
0.96

 
 
 
 
 
 
 
 
 
 
 
 
 
(1) The Company did not have any shares of preferred stock outstanding until June 2012 and paid its first preferred stock dividend in July 2012.