EX-12.1 2 a20161231-rsoex121.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,
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
   Pretax income before preferred shares from continuing operations
$
(343,321
)
 
$
12,433,855

 
$
57,717,463

 
$
45,636,957

  
$
81,038,629

Non-controlling Interest
(229,547
)
 
6,627,890

 
965,007

 
—

 
1,993,332

Equity in earnings of unconsolidated subsidiaries
(5,973,088
)
 
(2,388,038
)
 
(4,766,980
)
 
(949,180
)
 
2,708,847

Cash income received from unconsolidated entities
1,869,247

 
2,963,499

 
1,163,805

 
—

 
—

   Fixed charges
53,765,276

 
56,568,114

 
43,528,402

 
60,957,469

  
40,574,771

        Total
$
49,088,567

 
$
76,205,320

 
$
98,607,697

 
$
105,645,246

  
$
126,315,579

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
   Interest (expensed and capitalized)
$
45,223,899

 
$
48,186,795

 
$
36,729,426

 
$
52,298,502

  
$
35,083,177

   Amortized premiums, discounts and capitalized expenses related to indebtedness
8,523,738

 
8,343,513

 
6,763,854

 
8,629,755

  
5,474,191

   Estimate of interest within rental expenses
17,639

 
37,806

 
35,122

 
29,212

  
17,404

      Total
$
53,765,276

 
$
56,568,114

 
$
43,528,402

 
$
60,957,469

  
$
40,574,772

 
 
 
 
 
 
 
 
 
 
Preferred stock dividend
$
24,091,021

 
$
24,437,458

 
$
17,175,869

 
$
7,221,041

  
$
1,243,971

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges (1)
-

(2) 
1.35

 
2.27

 
1.73

  
3.11

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

(3) 
-

(3) 
1.62

 
1.55

  
3.02


(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.
(2)
The dollar amount of the deficiency for the year ended December 31, 2016 is $4.7 million
(3)
The dollar amount of the deficiency for the year ended December 31, 2016 and 2015 is $28.8 million and $4.8 million, respectively.