EX-12.1 3 a2016930rso-ex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1


 
 
 
 
 
 
 
 
 
 
STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
Year Ended
 
Year Ended
 
Year Ended
 
Year Ended
 
September 30,
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
 
2016
 
2015
 
2014
 
2013
 
2012
 
 
(unaudited)
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
   Pretax income (loss) from continuing operations
 
$
(17,728,560
)
 
$
12,300,467

 
$
58,990,678

  
$
45,411,712

 
$
79,045,303

   Fixed charges
 
46,599,147

 
65,690,634

 
45,508,411

  
61,038,847

 
42,809,788

Total earnings before fixed charges and preferred shares
 
$
28,870,587

 
$
77,991,101

 
$
104,499,089

 
$
106,450,559

 
$
121,855,091

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
   Interest (expensed and capitalized)
 
$
37,166,766

 
$
56,308,779

 
$
38,430,444

  
$
52,518,198

 
$
38,027,275

   Amortized premiums, discounts
     and capitalized expenses related to indebtedness
 
9,414,742

 
9,344,049

 
7,042,845

  
8,491,437

 
4,765,109

   Estimate of interest within rental expenses
 
17,639

 
37,806

 
35,122

  
29,212

 
17,404

Total fixed charges
 
$
46,599,147

 
$
65,690,634

 
$
45,508,411

 
$
61,038,847

 
$
42,809,788

 
 
 
 
 
 
 
 
 
 
 
Preferred stock dividend
 
$
18,076,695

 
$
24,437,458

 
$
17,175,869

  
$
7,221,041

 
$
1,243,971

 
 
 
 
 
 
 
 
 
 
 
Carrying value in excess of consideration paid for preferred shares
 
$
(1,500,190
)
 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges (1)
 
0.62

 
1.19

 
2.30

  
1.74

 
2.85

Ratio of earnings to combined fixed charges
  and preferred stock dividends (1)
 
0.46

 
0.87

 
1.67

  
1.56

 
2.77


(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.