Exhibit 12.1
Statement Re: Computation of Earnings to
Combined Fixed Charges and Preferred Stock Dividends
Amounts in thousands
Year ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before noncontrolling interest in consolidated subsidiaries and income from equity investees | $ | 86,971 | $ | 69,524 | $ | 47,185 | $ | 27,654 | $ | 30,579 | ||||||||||
Add: Income tax expense | 927 | 936 | 1,326 | 1,524 | 1,131 | |||||||||||||||
Add: Fixed charges | 39,024 | 32,720 | 33,547 | 38,848 | 32,007 | |||||||||||||||
Add: Distributed income of equity investees | 3,123 | 2,630 | 2,184 | 944 | 494 | |||||||||||||||
Less: Capitalized interest | (84 | ) | (113 | ) | (149 | ) | (72 | ) | (83 | ) | ||||||||||
Preferred dividend requirements of consolidated subsidiaries | — | — | — | — | — | |||||||||||||||
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Earnings (1) | 129,961 | 105,697 | 84,093 | 68,898 | 64,128 | |||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | 33,719 | 31,166 | 32,330 | 37,365 | 30,681 | |||||||||||||||
Amortization of financing fees | 859 | 834 | 836 | 1,184 | 1,030 | |||||||||||||||
Capitalized interest | 84 | 113 | 149 | 72 | 83 | |||||||||||||||
Estimate of interest included in rent expense | 4,362 | 607 | 232 | 227 | 213 | |||||||||||||||
Preferred stock dividends | — | — | — | — | — | |||||||||||||||
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Fixed charges (2) | $ | 39,024 | $ | 32,720 | $ | 33,547 | $ | 38,848 | $ | 32,007 | ||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends (1)/(2) | 3.33 | 3.23 | 2.51 | 1.77 | 2.00 |