Exhibit 12.1

 

   Six Months Ended
June 30,
   Year Ended December 31, 
   2016   2015   2014   2013   2012   2011 
                               
Ratio of earnings to fixed charges(1)   (5.30)   7.06    17.02    12.47    8.94    12.82 

 

(1) For the purposes of computing ratio of earnings to fixed charges, earnings consist of loss before income taxes plus fixed charges. Fixed charges consist of interest charges and that portion of rental payments under operating leases we believe to be representative of interest. Earnings for the six months ended June 30, 2016 and the years ended December 31, 2015, 2014, 2013, 2012, 2011 were insufficient to cover fixed charges by $8.4 million, nill, nill, nill, nill and nill, respectively.

 

 

 

   Six Months Ended
June 30,
   Year Ended December 31, 
   2016   2015   2014   2013   2012   2011 
(In U.S. Dollars)                        
Fixed charges:                        
Interest expense  $918,124   $3,630,200   $4,815,670   $3,301,696   $2,876,253   $844,650 
Capitalized interest   416,705    -    836,902    1,094,589    545,407    109,899 
Interest factor in rental expenses   -    -    -    -    -    - 
Total fixed charges  $1,334,829   $3,630,200   $5,652,572   $4,396,285   $3,421,660   $954,549 
                               
Earnings available for fixed charges:                              
Add:                              
Income before income taxes  $(9,999,581)  $19,558,402   $85,760,705   $47,135,794   $24,280,268   $10,440,337 
Fixed charges (calculated above)   1,334,829    3,630,200    5,652,572    4,396,285    3,421,660    954,549 
Deduct:                              
Capitalized interest   (416,705)   -    (836,902)   (1,094,589)   (545,407)   (109,899)
Net (loss)/income – noncontrolling interests   675,315    (1,205,485)   -    -    -    - 
Total earnings available for fixed charges  $(7,071,313)  $25,613,317   $96,228,947   $54,833,775   $30,578,181   $12,239,536 
                               
Ratio of earnings to fixed charges   (5.30)   7.06    17.02    12.47    8.94    12.82 
                               
Insufficient to cover  $8,406,142   $-   $-   $-   $-   $-