EX-12.1 2 a20171231-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,
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
   Pretax income before preferred shares from continuing operations
$
56,049,203

 
$
(343,321
)
 
$
12,433,855

 
$
57,717,463

  
$
45,636,957

Non-controlling Interest
(195,573
)
 
(229,547
)
 
6,627,890

 
965,007

 
—

Equity in earnings of unconsolidated subsidiaries
(38,973,116
)
 
(5,973,088
)
 
(2,388,038
)
 
(4,766,980
)
 
(949,180
)
Cash income received from unconsolidated entities
49,713,376

 
1,869,247

 
2,963,499

 
1,163,805

 
—

   Fixed charges
55,717,718

 
53,765,276

 
56,568,114

 
43,528,402

  
60,957,469

        Total
$
122,311,608

 
$
49,088,567

 
$
76,205,320

 
$
98,607,697

  
$
105,645,246

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
   Interest (expensed and capitalized)
$
44,290,017

 
$
45,223,899

 
$
48,186,795

 
$
36,729,426

  
$
52,298,502

   Amortized premiums, discounts and capitalized expenses related to indebtedness
11,387,378

 
8,523,738

 
8,343,513

 
6,763,854

  
8,629,755

   Estimate of interest within rental expenses
40,323

 
17,639

 
37,806

 
35,122

  
29,212

      Total
$
55,717,718

 
$
53,765,276

 
$
56,568,114

 
$
43,528,402

  
$
60,957,469

 
 
 
 
 
 
 
 
 
 
Preferred stock dividend
$
24,057,361

 
$
24,091,021

 
$
24,437,458

 
$
17,175,869

  
$
7,221,041

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges (1)
2.20

 
—

(2) 
1.35

 
2.27

  
1.73

Ratio of earnings to combined fixed charges and preferred stock dividends (1)
1.53

 
—

(3) 
—

(3) 
1.62

  
1.55


(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.