Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS OF THE COMPANY
Years Ended December 31, | ||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||
Earnings: | ||||||||||||||||
Income/(loss) from continuing operations before minority interest and equity in earnings of unconsolidated affiliates | $ | 46,030 | $ | 32,080 | $ | 20,201 | $ | 9,725 | $ | (2,733 | ) | |||||
Contractual interest expense | 93,992 | 94,229 | 98,231 | 104,768 | 118,015 | |||||||||||
Amortization of deferred financing costs | 2,415 | 2,375 | 3,372 | 3,698 | 4,398 | |||||||||||
Financing obligations interest expense | 3,930 | 4,162 | 5,032 | 9,999 | 17,691 | |||||||||||
Distributions of earnings from unconsolidated affiliates | 4,462 | 7,748 | 8,965 | 6,775 | 4,558 | |||||||||||
Total earnings | $ | 150,829 | $ | 140,594 | $ | 135,801 | $ | 134,965 | $ | 141,929 | ||||||
Fixed charges and Preferred Stock dividends | ||||||||||||||||
Contractual interest expense | $ | 93,992 | $ | 94,229 | $ | 98,231 | $ | 104,768 | $ | 118,015 | ||||||
Amortization of deferred financing costs | 2,415 | 2,375 | 3,372 | 3,698 | 4,398 | |||||||||||
Financing obligations interest expense | 3,930 | 4,162 | 5,032 | 9,999 | 17,691 | |||||||||||
Capitalized interest | 9,743 | 5,002 | 2,900 | 1,058 | 1,398 | |||||||||||
Interest component of rental expense | 1,448 | 1,481 | 1,606 | 1,789 | 1,721 | |||||||||||
Total fixed charges | 111,528 | 107,249 | 111,141 | 121,312 | 143,223 | |||||||||||
Preferred Stock dividends | 13,477 | 17,063 | 27,238 | 30,852 | 30,852 | |||||||||||
Total fixed charges and Preferred Stock dividends | $ | 125,005 | $ | 124,312 | $ | 138,379 | $ | 152,164 | $ | 174,075 | ||||||
Ratio of earnings to fixed charges | 1.35 | 1.31 | 1.22 | 1.11 | 0.99 | |||||||||||
Ratio of earnings to combined fixed charges and Preferred Stock dividends | 1.21 | 1.13 | 0.98 | 0.89 | 0.82 | |||||||||||