Exhibit 2.s.3
Computation of Ratio of Earnings to Fixed Charges and Preferred Dividends
| For the Nine Months Ended June 30, 2016 |
For the Year Ended September 30, | |||||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||
| Net investment income |
$ | 14,584 | $ | 17,700 | $ | 18,368 | $ | 18,386 | $ | 19,044 | $ | 18,412 | ||||||||||||
| add: fixed charges and preferred dividends (A) |
5,956 | 9,050 | 7,213 | 7,137 | 8,108 | 4,096 | ||||||||||||||||||
| less: preferred dividends (A) |
(3,088 | ) | (4,116 | ) | (3,338 | ) | (2,744 | ) | (2,491 | ) | — | |||||||||||||
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| Earnings |
$ | 17,452 | $ | 22,634 | $ | 22,243 | $ | 22,779 | $ | 24,661 | $ | 22,508 | ||||||||||||
| Fixed charges and preferred dividends: |
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| Interest expense |
$ | 2,066 | $ | 3,828 | $ | 2,628 | $ | 3,182 | $ | 4,374 | $ | 2,676 | ||||||||||||
| Amortization of deferred financing fees |
802 | 1,106 | 1,247 | 1,211 | 1,243 | 1,420 | ||||||||||||||||||
| Preferred dividends(A) |
3,088 | 4,116 | 3,338 | 2,744 | 2,491 | — | ||||||||||||||||||
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| Total fixed charges and preferred dividends(A) |
$ | 5,956 | $ | 9,050 | $ | 7,213 | $ | 7,137 | $ | 8,108 | $ | 4,096 | ||||||||||||
| Ratio of earnings to combined fixed charges and pref dividends(A) |
2.9 | x | 2.5 | x | 3.1 | x | 3.2 | x | 3.0 | x | 5.5 | x | ||||||||||||
| (A) | Represents preferred dividends on the Series 2016 Term Preferred Shares that were paid as accrued from October 31, 2011 up to and excluding May 23, 2014, and preferred dividends on the Series 2021 Term Preferred Shares since May 20, 2014. |