| For the period | ||||||||||||||||||||
| February 14, 2003 | ||||||||||||||||||||
| (inception) through | For the year ended | For the year ended | For the year ended | For the nine months ended | ||||||||||||||||
| December 31, 2003 | December 31, 2004 | December 31, 2005 | December 31, 2006 | September 30, 2007 | ||||||||||||||||
Net income (loss) from continuing operations |
$ | (240,871 | ) | $ | 1,529,253 | $ | 3,510,957 | $ | 3,357,031 | $ | 4,564,427 | |||||||||
Add fixed charges and preferred dividends |
7,830 | 25,565 | 2,494,245 | 11,490,476 | 11,216,687 | |||||||||||||||
Earnings |
$ | (233,041 | ) | $ | 1,554,818 | $ | 6,005,202 | $ | 14,847,507 | $ | 15,781,114 | |||||||||
Fixed Charges: |
||||||||||||||||||||
Interest expense |
— | — | 2,187,586 | 8,041,412 | 7,627,353 | |||||||||||||||
Amortization
of deferred financing fees |
— | — | 260,098 | 1,207,198 | 509,990 | |||||||||||||||
Estimated interest component of rent |
7,830 | 25,565 | 46,561 | 54,976 | 9,032 | |||||||||||||||
Total fixed charges |
7,830 | 25,565 | 2,494,245 | 9,303,586 | 8,146,375 | |||||||||||||||
Total preferred dividends
|
— | — | — | 2,186,890 | 3,070,312 | |||||||||||||||
Total fixed charges and preferred dividends
|
7,830 | 25,565 | 2,494,245 | 11,490,476 | 11,216,687 | |||||||||||||||
Ratio of earnings to combined fixed charges and preferred dividends
|
— | (1) | 60.82 | 2.41 | 1.29 | 1.41 | ||||||||||||||
| (1) | Note for the period February 14, 2003 through December 31, 2003 earnings, as defined, were insufficient to cover fixed charges by $240,871. |