Exhibit 12.1
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(In thousands, except ratio computation)
Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
Pretax income (loss) from continuing operations before adjustment for noncontrolling interest | $ | 9,447 | $ | 8,621 | $ | (27,412 | ) | $ | (23,505 | ) | $ | 9,679 | $ | 27,746 | ||||||||||
Add back: | ||||||||||||||||||||||||
Fixed charges | 14,640 | 28,618 | 30,124 | 34,348 | 30,906 | 35,733 | ||||||||||||||||||
Distributed income of equity investees | 3,485 | 3,793 | 4,413 | 2,904 | 3,836 | 6,389 | ||||||||||||||||||
Deduct: | ||||||||||||||||||||||||
Equity in loss (earnings) of equity investees | 5,414 | (3,248 | ) | (1,669 | ) | 221 | (1,328 | ) | (2,506 | ) | ||||||||||||||
Capitalized interest | (457 | ) | (996 | ) | (325 | ) | (1,158 | ) | (2,116 | ) | (1,577 | ) | ||||||||||||
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Earnings as Defined | $ | 32,529 | $ | 36,788 | $ | 5,131 | $ | 12,810 | $ | 40,977 | $ | 65,785 | ||||||||||||
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Fixed Charges | ||||||||||||||||||||||||
Interest expense including amortization of deferred financing fees | $ | 14,056 | $ | 27,344 | $ | 29,497 | $ | 32,870 | $ | 28,469 | $ | 33,837 | ||||||||||||
Capitalized interest | 457 | 996 | 325 | 1,158 | 2,116 | 1,577 | ||||||||||||||||||
Interest portion of rent expense | 127 | 278 | 302 | 320 | 321 | 319 | ||||||||||||||||||
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Fixed Charges | $ | 14,640 | $ | 28,618 | $ | 30,124 | $ | 34,348 | $ | 30,906 | $ | 35,733 | ||||||||||||
Preferred share dividends | 3,625 | 7,250 | 5,244 | — | — | — | ||||||||||||||||||
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Combined Fixed Charges and Preferred Dividends | $ | 18,265 | $ | 35,868 | $ | 35,368 | $ | 34,348 | $ | 30,906 | $ | 35,733 | ||||||||||||
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Ratio of Earnings to Combined Fixed Charges | 2.22 | 1.29 | (a) | (b) | 1.33 | 1.84 | ||||||||||||||||||
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Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | 1.78 | 1.03 | (a) | (b) | 1.33 | 1.84 | ||||||||||||||||||
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(a) | Due to the pretax loss from continuing operations for year ended December 31, 2011, the ratio coverage's were less than 1:1. We would have needed to generate additional earnings of $25.0 million or $30.2 million, respectively, to achieve a coverage of 1:1 for 2011. |
(b) | Due to the pretax loss from continuing operations for year ended December 31, 2010, the ratio coverage's were less than 1:1. We would have needed to generate additional earnings of $21.5 million to achieve a coverage of 1:1 for 2010. |