EX-12.1 2 v403701_ex12-1.htm EXHIBIT 12.1

EXHIBIT 12.1

 

STATEMENT RE COMPUTATION OF RATIOS

The following table sets forth the ratio of earnings to fixed charges and preferred stock dividends for the periods indicated below:

  

   For the years ended
December 31,		 
   2014   2013   2012 
Earnings:               
Pretax income (loss) from continuing operations  $3,313,786   $3,226,430   $4,819,306 
Fixed Charges   11,046,512    4,591,673    449,164 
Dividends distributed to shareholders   2,932,122    44,827    — 
Total Earnings  $17,292,420   $7,862,930   $5,268,470 
                
Fixed Charges:               
Interest Expense  $11,046,512   $4,591,673   $449,164 
Preferred stock   2,932,122    44,827    — 
Total Fixed Charges  $13,978,634   $4,636,500   $449,164 
                
Ratio of earnings to fixed charges   1.57    1.70    11.73 
Ratio of earnings to fixed charges and preferred stock dividends   1.24    1.70    11.73 
Deficiency of earnings to fixed charges and preferred stock dividends   —    —    —