EX-12.1 2 v369635_ex12-1.htm EXHIBIT 12.1
 
EXHIBIT 12.1
 
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
 
 
 
Year
 
Year
 
Year
 
Year
 
Year
 
 
 
Ended
 
Ended
 
Ended
 
Ended
 
Ended
 
 
 
December 31, 2013
 
December 31, 2012
 
December 31, 2011
 
December 31, 2010
 
December 31, 2009
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income From Continuing Operations
 
 
18,944,922
 
 
14,239,560
 
$
13,736,137
 
$
4,761,768
 
$
10,018,746
 
Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest on indebtedness
 
 
5,739,303
 
 
4,552,930
 
 
3,678,884
 
 
3,215,554
 
 
3,042,652
 
Amortization of financing costs
 
 
735,424
 
 
581,353
 
 
277,934
 
 
245,444
 
 
267,210
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings
 
$
25,419,649
 
$
19,373,843
 
$
17,692,955
 
$
8,222,766
 
$
13,328,608
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges and preferred stock dividends:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest on indebtedness and capitalized interest
 
$
6,306,096
 
$
4,701,984
 
$
3,678,884
 
$
3,534,789
 
$
3,263,434
 
Amortization of financing costs
 
 
735,424
 
 
581,353
 
 
277,934
 
 
245,444
 
 
267,210
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
 
7,041,520
 
 
5,283,337
 
 
3,956,818
 
 
3,780,233
 
 
3,530,644
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock dividends
 
 
-
 
 
-
 
 
-
 
 
-
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred stock dividends
 
$
7,041,520
 
$
5,283,337
 
$
3,956,818
 
$
3,780,233
 
$
3,530,644
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
 
3.61x
 
 
3.67x
 
 
4.47x
 
 
2.18x
 
 
3.78x