EX-12.1 2 ex12-1.htm EXHIBIT 12.1 ex12-1.htm
Exhibit 12.1

Calculation of Ratios of Earnings to Fixed Charges and
Earnings to Fixed Charges and Preferred Stock Dividends (Dollars)

   
2011
    
2010
    
2009
    
2008
    
2007
  
Earnings before fixed charges
                              
   Earnings before income taxes
     10,044,018       6,407,654       (6,139,773 )     10,152,321       (2,781,666 )
   Fixed charges
     1,142,015       1,606,264       1,626,939       626,708       3,658,835  
   Capitalized interest
     (278,308 )     (127,790 )     (332,646 )     -       -  
Total earnings
     10,907,725       7,886,128       (4,845,480 )     10,779,029       877,169  
                                         
Fixed charges
                                        
   Interest expensed and capitalized
     1,095,295       1,560,597       1,565,411       574,665       582,903  
   Amortized premiums, discounts and capitalized expenses related to indebtedness
     -       -       -       -       2,803,691  
   Interest within rental expense
     46,720       45,667       61,528       52,043       34,915  
Total fixed charges
     1,142,015       1,606,264       1,626,939       626,708       3,421,509  
                                         
Preferred Stock Dividends
     -       -       134,400       178,541       237,326  
                                         
RATIO OF EARNINGS TO FIXED CHARGES
     9.55       4.91       (2.98 )     17.20       0.26  
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS
     9.55       4.91       (2.75 )     13.39       0.24