EX-12.1 7 ex12_1.htm EXHIBIT 12.1 ex12_1.htm
Exhibit 12.1
 
Computation of Ratio of Earnings to Fixed Charges

   
Year Ended December 31,
  
                               
   
2011
    
2010
    
2009
    
2008
    
2007
  
                               
Earnings:
                              
Net income (loss) attributable to the Company
     164,384       153,902       (3,595 )     84,883       257,832  
Provision for income taxes
     56,387       49,038       5,677       28,743       87,595  
Equity in (earnings) losses from real estate ventures
     (6,385 )     11,379       58,867       5,462       (12,216 )
Operating distributions from real estate ventures
     593       188       157       1,064       11,560  
Fixed charges
     75,237       78,549       88,598       68,908       47,103  
Total Earnings
     290,216       293,056       149,704       189,060       391,874  
                                         
                                         
Fixed Charges:
                                        
Interest expense
     33,756       41,723       52,005       31,933       17,783  
Applicable portion of rent expense (1)
     41,481       36,826       36,593       36,975       29,320  
Total Fixed Charges
     75,237       78,549       88,598       68,908       47,103  
                                         
Ratio of Earnings to Fixed Charges
     3.86       3.73       1.69       2.74       8.32  

1.
Represents one-third of rent expense, which we believe approximates the portion of rent expense that relates to interest.