| For the period | ||||||||||||||||||||
| February 14, 2003 | ||||||||||||||||||||
| For the year ended | For the year ended | For the year ended | For the year ended | (inception) through | ||||||||||||||||
| December 31, 2007 | December 31, 2006 | December 31, 2005 | December 31, 2004 | December 31, 2003 | ||||||||||||||||
Net income (loss) from
continuing operations |
$ | 6,031,515 | $ | 3,357,031 | $ | 3,510,957 | $ | 1,529,253 | $ | (240,871 | ) | |||||||||
Add fixed charges and
preferred dividends |
15,670,067 | 11,490,476 | 2,494,245 | 25,565 | 7,830 | |||||||||||||||
Earnings |
$ | 21,701,582 | $ | 14,847,507 | $ | 6,005,202 | $ | 1,554,818 | $ | (233,041 | ) | |||||||||
Fixed Charges: |
||||||||||||||||||||
Interest expense |
10,847,346 | 8,041,412 | 2,187,586 | — | — | |||||||||||||||
Amortization of
deferred financing
fees |
717,195 | 1,207,198 | 260,098 | — | — | |||||||||||||||
Estimated interest
component of rent |
11,776 | 54,976 | 46,561 | 25,565 | 7,830 | |||||||||||||||
Total fixed charges |
11,576,317 | 9,303,586 | 2,494,245 | 25,565 | 7,830 | |||||||||||||||
Total preferred dividends |
4,093,750 | 2,186,890 | — | — | — | |||||||||||||||
Total fixed charges and
preferred dividends |
15,670,067 | 11,490,476 | 2,494,245 | 25,565 | 7,830 | |||||||||||||||
Ratio of earnings to
combined fixed charges
and preferred dividends |
1.4 | 1.3 | 2.4 | 60.8 | — | (1) | ||||||||||||||
| (1) | Note for the period February 14, 2003 through December 31, 2003 earnings, as defined, were insufficent to cover fixed charges by $240,871. |