EX-12.1 3 v402623_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, 2014   December 31, 2013   December 31, 2012   December 31, 2011   December 31, 2010 
                          
Income From Continuing Operations   18,775,689    18,944,922    14,239,560   $13,736,137   $4,761,768 
Add:                         
Interest on indebtedness   7,636,104    5,739,303    4,552,930    3,678,884    3,215,554 
Amortization of financing costs   950,876    735,424    581,353    277,934    245,444 
                          
Earnings  $27,362,669   $25,419,649   $19,373,843   $17,692,955   $8,222,766 
                          
Fixed charges and preferred stock dividends: Interest on indebtedness and capitalized interest  $7,899,576   $6,306,096   $4,701,984   $3,678,884   $3,534,789 
Amortization of financing costs   950,876    735,424    581,353    277,934    245,444 
                          
Fixed charges   8,850,452    7,041,520    5,283,337    3,956,818    3,780,233 
Add:                         
Preferred stock dividends   -    -    -    -    - 
                          
Combined fixed charges and preferred stock dividends  $8,850,452   $7,041,520   $5,283,337   $3,956,818   $3,780,233 
                          
Ratio of earnings to fixed charges   3.09x   3.61x   3.67x   4.47x   2.18x