EX-12.1 2 rso-20151231xex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS

 
 
 
 
 
 
 
 
 
 
 
Year ended
 
Year ended
 
Year ended
 
Year ended
 
Year ended
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings:
 
 
 
 
 
 
 
 
 
   Pretax income before preferred shares from continuing operations
$
12,300,467

 
$
58,990,678

 
$
45,411,712

 
$
79,045,303

  
$
49,752,614

   Fixed charges
65,690,634

 
45,508,411

 
61,038,847

 
42,809,788

  
30,450,471

        Total
$
77,991,101

 
$
104,499,089

 
$
106,450,559

 
$
121,855,091

  
$
80,203,085

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
   Interest (expensed and capitalized)
$
56,308,779

 
$
38,430,444

 
$
52,518,198

 
$
38,027,275

  
$
27,043,926

   Amortized premiums, discounts and capitalized expenses related to indebtedness
9,344,049

 
7,042,845

 
8,491,437

 
4,765,109

  
3,387,123

   Estimate of interest within rental expenses
37,806

 
35,122

 
29,212

 
17,404

  
19,422

      Total
$
65,690,634

 
$
45,508,411

 
$
61,038,847

 
$
42,809,788

  
$
30,450,471

 
 
 
 
 
 
 
 
 
 
Preferred stock dividend
$
24,437,458

 
$
17,175,869

 
$
7,221,041

 
$
1,243,971

  
$
—

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges (1)
1.19

 
2.30

 
1.74

 
2.85

  
2.63

Ratio of earnings to combined fixed charges and preferred stock dividends (1)
0.87

 
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.