Exhibit 12
STATEMENTS RE: COMPUTATION OF RATIOS
(Dollars in Thousands, Except Ratios)
| For the Year Ended March 31, |
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| 2015 | 2014 | 2013 | ||||||||||
| Net investment income |
$ | 19,897 | $ | 19,307 | $ | 16,488 | ||||||
| Add: fixed charges and preferred dividends |
8,789 | 5,949 | 4,768 | |||||||||
| Less: preferred dividends |
(3,921 | ) | (2,850 | ) | (2,850 | ) | ||||||
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| Net earnings |
$ | 24,765 | $ | 22,406 | $ | 18,406 | ||||||
| Fixed charges and preferred dividends: |
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| Interest expense |
3,539 | 2,075 | 1,127 | |||||||||
| Amortization of deferred financing fees |
1,329 | 1,024 | 791 | |||||||||
| Preferred dividends |
3,921 | 2,850 | 2,850 | |||||||||
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| Total fixed charges and preferred dividends |
$ | 8,789 | $ | 5,949 | $ | 4,768 | ||||||
| Ratio of net earnings to combined fixed charges and preferred dividends |
2.8 | 3.8 | 3.9 | |||||||||
The calculation of the ratio of net earnings to combined fixed charges and preferred dividends is above. “Net earnings” consist of net investment income before fixed charges. “Fixed charges” consist of interest expense and amortization of deferred financing fees.