Exhibit 12.1
Statement Re: Computation of Earnings to
Combined Fixed Charges and Preferred Stock Dividends
Amounts in thousands
Year ended December 31, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before noncontrolling interest in consolidated subsidiaries and income from equity investees | $ | 31,869 | $ | 34,739 | $ | 20,346 | $ | 35,890 | $ | 38,297 | ||||||||||
Add: Income tax expense | 1,524 | 1,131 | 937 | 689 | 675 | |||||||||||||||
Add: Fixed charges | 38,848 | 32,007 | 50,410 | 38,676 | 35,679 | |||||||||||||||
Add: Distributed income of equity investees | 944 | 494 | 686 | 345 | 98 | |||||||||||||||
Less: Capitalized interest | (72 | ) | (83 | ) | (159 | ) | (381 | ) | (377 | ) | ||||||||||
Preferred dividend requirements of consolidated subsidiaries | — | — | — | — | (1,256 | ) | ||||||||||||||
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Earnings (1) | 73,113 | 68,288 | 72,220 | 75,219 | 73,116 | |||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | 37,365 | 30,681 | 48,847 | 36,905 | 32,898 | |||||||||||||||
Amortization of financing fees | 1,184 | 1,030 | 1,203 | 1,192 | 963 | |||||||||||||||
Capitalized interest | 72 | 83 | 159 | 381 | 377 | |||||||||||||||
Estimate of interest included in rent expense | 227 | 213 | 201 | 198 | 185 | |||||||||||||||
Preferred stock dividends | — | — | — | — | 1,256 | |||||||||||||||
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Fixed charges (2) | $ | 38,848 | $ | 32,007 | $ | 50,410 | $ | 38,676 | $ | 35,679 | ||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends (1)/(2) | 1.88 | 2.13 | 1.43 | 1.94 | 2.05 |