EX-12.1 5 g18102exv12w1.htm EX-12.1 RATIO OF EARNIG TO FIXED CHARGES EX-12.1 Ratio of Earnig to Fixed Charges
Exhibit 12.1
Ratio of Earnings to Fixed Charges
For Period Ended December 31, 2008
(in thousands, except ratio computation)
                                         
    Year Ended December 31,  
    2008     2007     2006     2005     2004  
Income From Continuing Operations
   $ 36,448     $ 49,791     $ 50,444     $ 48,297     $ 27,151  
 
                                        
Adjustments
                                        
Minority interest
     112       112       206       188       689  
Equity in income in unconsolidated joint ventures
     (108 )     —       (1,853 )     —       —  
Fixed Charges
     67,315       73,494       64,267       56,852       50,126  
Distributed income of equity investees
     —       —       3,308       (12 )     3,119  
Capitalized interest
     (2,933 )     (3,194 )     (5,820 )     (3,354 )     (3,204 )
 
                              
Earnings as Defined
   $ 100,834     $ 120,203     $ 110,552     $ 101,971     $ 77,881  
 
                              
 
                                        
Fixed Charges
                                        
Interest expense
   $ 60,851     $ 66,520     $ 53,732     $ 47,050     $ 40,722  
Capitalized interest
     2,933       3,194       5,820       3,354       3,204  
Amortization of debt premiums / discounts
     1,902       2,102       3,231       4,999       4,871  
Amortization of loan fees
     1,629       1,678       1,484       1,449       1,329  
 
                              
Fixed Charges
   $ 67,315     $ 73,494     $ 64,267     $ 56,852     $ 50,126  
 
                              
 
                                        
Ratio of earning to Fixed Charges
     1.50       1.64       1.72       1.79       1.55