EX-12.1 2 exhibit121ratioofearningsq3.htm EXHIBIT 12.1 Exhibit 12.1 Ratio of Earnings Q3


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,
 
 
2014
 
2013
 
2012
 
2011
 
2010
 
2009
 
 
(unaudited)
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
   Pretax Income from continuing operations
 
$
49,895,125

 
$
45,411,712

 
$
79,045,303

 
$
49,752,614

 
$
25,167,380

 
$
6,336,588

   Fixed charges
 
31,863,615

 
61,038,847

 
42,809,788

 
30,450,471

 
36,486,361

 
45,450,398

Total earnings before fixed charges and preferred shares
 
$
81,758,740

 
$
106,450,559

 
$
121,855,091

 
$
80,203,085

 
$
61,653,741

 
$
51,786,986

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
   Interest (expensed and capitalized)
 
$
26,615,911

 
$
52,518,198

 
$
38,027,275

 
$
27,043,926

 
$
31,876,054

 
$
41,369,137

   Amortized premiums, discounts
     and capitalized expenses related to indebtedness
 
5,220,408

 
8,491,437

 
4,765,109

 
3,387,123

 
4,590,397

 
4,058,255

   Estimate of interest within rental expenses
 
27,296

 
29,212

 
17,404

 
19,422

 
19,910

 
23,006

Total fixed charges
 
$
31,863,615

 
$
61,038,847

 
$
42,809,788

 
$
30,450,471

 
$
36,486,361

 
$
45,450,398

 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock dividend
 
$
11,303,163

 
$
7,221,041

 
$
1,243,971

 
$

 
$

 
$

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges (1)
 
2.57

 
1.74

 
2.85

 
2.63

 
1.69

 
1.14

Ratio of earnings to combined fixed charges
  and preferred stock dividends (1)
 
1.89

 
1.56

 
2.77

 
2.63

 
1.69

 
1.14


(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.