For the year ended December 31,

2017

2016

2015

2014

2013

Earnings

Pre-tax income (loss) from continuing operations

$

1,767,293

$

(467,485

)

$

5,061,620

$

(2,466,232

)

$

(2,977,496

)

Subtract: Income from equity investees

-

-

(475,514

)

(307,370

)

(449,500

)

Add: Fixed charges

14,975,899

16,611,925

16,515,827

14,636,870

9,606,479

Add: Amortization of capitalized interest

77,799

77,799

77,799

77,799

77,799

Add: Distributed income of equity investees

-

-

600,000

750,000

1,000,000

Total Earnings

$

16,820,991

$

16,222,239

$

21,779,732

$

12,691,067

$

7,257,282

Fixed Charges and Preferred Stock Dividends

Contractual Interest expensed

$

14,975,899

$

16,611,925

$

15,234,615

$

13,208,196

$

8,087,923

Amortized premiums, discounts and capitalized expenses related to indebtedness

751,729

1,123,182

1,281,212

1,428,674

1,518,556

Total Fixed Charges

15,727,628

17,735,107

16,515,827

14,636,870

9,606,479

Preferred stock dividends

3,781,639

1,144,889

-

-

-

Total Fixed Charges and Preferred Stock Dividends

$

19,509,267

$

18,879,996

$

16,515,827

$

14,636,870

$

9,606,479

Ratio of Earnings to Fixed Charges

1.07

0.91

1.32

0.87

0.76

Deficiency

N/A

$

1,512,868

N/A

$

1,945,803

$

2,349,197

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

0.86

0.86

1.32

0.87

0.76

Deficiency

$

2,688,276

$

2,657,757

N/A

$

1,945,803

$

2,349,197