Exhibit 2.s.2
Statements re: computation of ratios
(Dollars in Thousands, Except Ratios)
| For the three |
For the years ended March 31, |
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| June 30, 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
| Net investment income |
$ | 4,859 | $ | 19,307 | $ | 16,488 | $ | 13,743 | $ | 16,171 | $ | 10,598 | ||||||||||||
| Add: fixed charges and preferred distributions |
1,708 | 5,959 | 4,779 | 1,435 | 1,191 | 3,612 | ||||||||||||||||||
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| Earnings |
$ | 6,567 | $ | 25,266 | $ | 21,267 | $ | 15,178 | $ | 17,362 | $ | 14,210 | ||||||||||||
| Fixed charges and preferred distributions: |
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| Interest expense |
738 | 2,075 | 1,127 | 768 | 690 | 1,984 | ||||||||||||||||||
| Amortization of deferred financing fees |
254 | 1,024 | 791 | 459 | 491 | 1,618 | ||||||||||||||||||
| Estimated interest component of rent |
3 | 10 | 11 | 10 | 10 | 10 | ||||||||||||||||||
| Preferred distributions |
713 | 2,850 | 2,850 | 198 | — | — | ||||||||||||||||||
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| Total fixed charges and preferred distributions |
1,708 | 5,959 | 4,779 | 1,435 | 1,191 | 3,612 | ||||||||||||||||||
| Ratio of earnings to combined fixed charges and preferred distributions |
3.8x | 4.2x | 4.5x | 10.6x | 14.6x | 3.9x | ||||||||||||||||||
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.