EX-12.1 2 v324209_ex12-1.htm EXHIBIT 12.1

  

Exhibit 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND

PREFERRED STOCK DIVIDENDS

  

   Six Months   Year   Year   Year   Year   Year 
   Ended   Ended   Ended   Ended   Ended   Ended 
   June 30, 2012   December 31, 2011   December 31, 2010   December 31, 2009   December 31, 2008   December 31, 2007 
                         
Income From Continuing                              
Operations   7,493,106   $15,100,003   $7,215,714   $12,514,503   $10,993,029   $11,727,923 
Add:                              
Interest on indebtedness   2,017,271    3,678,884    3,215,554    3,042,652    3,633,134    3,274,640 
Amortization of financing costs   264,427    277,934    245,444    267,210    151,929    161,847 
                               
Earnings  $9,774,804   $19,056,821   $10,676,712   $15,824,365   $14,778,092   $15,164,410 
                               
Fixed charges and preferred stock dividends:                              
Interest on indebtedness and capitalized interest  $2,047,384   $3,678,884   $3,534,789   $3,263,434   $4,190,779   $3,830,640 
Amortization of financing costs   264,427    277,934    245,444    267,210    151,929    161,847 
                               
Fixed charges   2,311,811    3,956,818    3,780,233    3,530,644    4,342,708    3,992,487 
                               
Add:                              
Preferred stock dividends   -    -    -    -    -    - 
                               
Combined fixed charges and preferred stock dividends  $2,311,811   $3,956,818   $3,780,233   $3,530,644   $4,342,708   $3,992,487 
                               
Ratio of earnings to fixed charges   4.23x   4.82x   2.82x   4.48x   3.40x   3.80x