Exhibit 12
Statements re: computation of ratios
(Dollars in Thousands, Except Ratios)
                                                 
    For the three                                
    months ended March     For the year ended December 31,  
    31, 2011     2010     2009     2008     2007     2006  
Net income from continuing operations
  $ 1,480     $ 4,928     $ 4,400     $ 4,873     $ 5,958     $ 3,285  
 
                                               
Add: fixed charges
    5,205       21,191       22,001       20,964       15,670       11,490  
 
                                               
Less: preferred and senior common distributions
    (1,038 )     (4,114 )     (4,094 )     (4,094 )     (4,094 )     (2,187 )
 
                                   
 
                                               
Earnings
  $ 5,647     $ 22,005     $ 22,307     $ 21,743     $ 17,534     $ 12,588  
 
                                               
Fixed Charges:
                                               
Interest expense
    3,925       16,031       16,399       15,575       10,847       8,041  
Amortization of deferred financing fees
    231       1,031       1,496       1,284       717       1,207  
Estimated interest component of rent
    11       15       12       11       12       55  
Preferred and senior common distributions
    1,038       4,114       4,094       4,094       4,094       2,187  
 
                                   
Total fixed charges and preferred distributions
    5,205       21,191       22,001       20,964       15,670       11,490  
 
                                               
Ratio of earnings to combined fixed charges and preferred distributions
    1.1       1.0       1.0       1.0       1.1       1.1  
The calculation of the ratio of earnings to combined fixed charges and preferred distributions is above. “Earnings” consist of net income from continuing operations before fixed charges. “Fixed charges” consist of interest expense, amortization of deferred financing fees and the portion of operating lease expense that represents interest. The portion of operating lease expense that represents interest is calculated by dividing the amount of rent expense, allocated to us by our Adviser as part of the administration fee payable under the Advisory Agreement, by three.