Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DISTRIBUTIONS
| For the Years Ended December 31, | ||||||||||||
| 2013 | 2012 | 2011 | ||||||||||
| Pre-tax income from continuing operations |
$ | 295,047 | $ | 900,692 | $ | 13,730 | ||||||
| Add: fixed charges |
1,120,872 | 1,012,179 | 809,569 | |||||||||
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| Earnings |
1,415,919 | 1,912,871 | 823,299 | |||||||||
| Fixed charges: |
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| Interest expense |
1,088,617 | 947,514 | 779,141 | |||||||||
| Amortization of deferred financing fees |
30,023 | 59,472 | 26,367 | |||||||||
| Estimated interest component of rent(1) |
2,232 | 5,193 | 4,061 | |||||||||
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| Total fixed charges |
$ | 1,120,872 | $ | 1,012,179 | $ | 809,569 | ||||||
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| Ratio of Earnings to Fixed Charges and Preferred Distributions |
1.3 | 1.9 | 1.0 | |||||||||
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| (1) | The percent of rent included in the calculation is a reasonable approximation of the interest factor. |