Exhibit 12.1
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(In thousands, except ratio computation)
(In thousands, except ratio computation)
Three months ended | ||||||||||||||||||||||||
Year Ended December 31, | March 31, | |||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2011 | |||||||||||||||||||
Pretax income from continuing operations before adjustment for noncontrolling interest(a) | $ | (21,665 | ) | $ | 12,797 | $ | 31,536 | $ | 44,310 | $ | 39,017 | $ | (300 | ) | ||||||||||
Add back: | ||||||||||||||||||||||||
Fixed charges and preferred dividends | 36,840 | 33,508 | 38,388 | 48,935 | 53,712 | 8,941 | ||||||||||||||||||
Distributed income of equity investees | 2,904 | 3,836 | 6,389 | 5,934 | 2,872 | 1,079 | ||||||||||||||||||
Deduct: | ||||||||||||||||||||||||
Equity in (earnings) loss of equity investees | 221 | (1,328 | ) | (2,506 | ) | (2,496 | ) | (3,002 | ) | (961 | ) | |||||||||||||
Capitalized interest | (1,158 | ) | (2,116 | ) | (1,577 | ) | (2,881 | ) | (1,431 | ) | (102 | ) | ||||||||||||
Preferred share dividends | — | — | — | (3,146 | ) | (6,655 | ) | 0 | ||||||||||||||||
Earnings as Defined | $ | 17,142 | $ | 46,697 | $ | 72,230 | $ | 90,656 | $ | 84,513 | $ | 8,657 | ||||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expense including amortization of deferred financing fees | 35,362 | $ | 31,088 | $ | 36,518 | $ | 42,609 | $ | 45,352 | $ | 8,759 | |||||||||||||
Capitalized interest | 1,158 | 2,116 | 1,577 | 2,881 | 1,431 | 102 | ||||||||||||||||||
Interest portion of rent expense | 320 | 304 | 293 | 299 | 274 | 80 | ||||||||||||||||||
Fixed Charges | $ | 36,840 | $ | 33,508 | $ | 38,388 | $ | 45,789 | $ | 47,057 | $ | 8,941 | ||||||||||||
Preferred share dividends | — | — | — | 3,146 | 6,655 | — | ||||||||||||||||||
Combined Fixed Charges and Preferred Dividends | $ | 36,840 | $ | 33,508 | $ | 38,388 | $ | 48,935 | $ | 53,712 | $ | 8,941 | ||||||||||||
Ratio of Earnings to Fixed Charges | (a) | 1.39 | 1.88 | 1.98 | 1.80 | (b) | ||||||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | (a) | 1.39 | 1.88 | 1.85 | 1.57 | (b) | ||||||||||||||||||
(a) | Due to the pretax loss from continuing operations for year ended December 31, 2010, the ratio coverage were less than 1:1. We would have needed to generate additional earnings of $19.6 million to achieve a coverage of 1:1 for 2010. | |
The pretax loss from continuing operations before adjustment for noncontrolling interest for the year ended December 31, 2010 includes a consolidated provision for impairment of $28.8 million and impairment charges of equity investments in unconsolidated joint ventures of $2.7 million, which together aggregate $31.4 million, that are discussed in Note 7 of the notes to the consolidated financial statements in the Form 10-K for the year ended December 31, 2010. | ||
(b) | Due to the pretax loss from continuing operations for the three months ended March 31, 2011 the ratio coverage was less than 1:1. We would have needed to generate additional earnings of approximately $240,000 to achieve a coverage of 1:1 for the three months ended March 31, 2011. |