EX-12.1 2 rso-20150630xex121.htm EXHIBIT 12.1 RSO-2015.06.30-EX12.1


Exhibit 12.1


 
 
 
 
 
 
 
 
 
 
STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended
 
Year Ended
 
Year Ended
 
Year Ended
 
Year Ended
 
June 30,
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
 
2015
 
2014
 
2013
 
2012
 
2011
 
 
(unaudited)
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
   Pretax income (loss) from continuing operations
 
$
(4,637,620
)
 
$
58,990,678

 
$
45,411,712

  
$
79,045,303

 
$
49,752,614

   Fixed charges
 
30,723,896

 
45,508,411

 
61,038,847

  
42,809,788

 
30,450,471

Total earnings before fixed charges and preferred shares
 
$
26,086,276

 
$
104,499,089

 
$
106,450,559

 
$
121,855,091

 
$
80,203,085

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
   Interest (expensed and capitalized)
 
$
26,867,876

 
$
38,430,444

 
$
52,518,198

  
$
38,027,275

 
$
27,043,926

   Amortized premiums, discounts
     and capitalized expenses related to indebtedness
 
3,837,072

 
7,042,845

 
8,491,437

  
4,765,109

 
3,387,123

   Estimate of interest within rental expenses
 
18,948

 
35,122

 
29,212

  
17,404

 
19,422

Total fixed charges
 
$
30,723,896

 
$
45,508,411

 
$
61,038,847

 
$
42,809,788

 
$
30,450,471

 
 
 
 
 
 
 
 
 
 
 
Preferred stock dividend
 
$
12,206,753

 
$
17,175,869

 
$
7,221,041

  
$
1,243,971

 
$
—

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges (1)
 
0.85

 
2.30

 
1.74

  
2.85

 
2.63

Ratio of earnings to combined fixed charges
  and preferred stock dividends (1)
 
0.61

 
1.67

 
1.56

  
2.77

 
2.63


(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.