EX-12.1 2 eqy10-k12312012exhibit121.htm EXHIBIT 12.1 EQY 10-K 12.31.2012 Exhibit 12.1


Exhibit 12.1

Ratio of Earnings to Fixed Charges
(in thousands, except ratio computation)
 
 
Year Ended December 31,
 
 
2012
 
2011
 
2010
 
2009
 
2008
Pretax (loss) income from continuing operations before
     adjustment for noncontrolling interest
 
$
(9,258
)
 
$
21,835

 
$
4,422

 
$
57,425

 
$
23,967

Adjustments:
 
 
 
 
 
 
 
 
 
 
Equity in (income) loss of unconsolidated joint ventures
 
(542
)
 
(4,829
)
 
116

 
88

 
(108
)
Fixed charges
 
80,394

 
89,929

 
82,090

 
76,400

 
65,413

Distributed income of equity investees
 
3,337

 
1,465

 
346

 
371

 
171

Capitalized interest
 
(4,742
)
 
(2,273
)
 
(2,244
)
 
(1,430
)
 
(2,934
)
Earnings as defined
 
$
69,189

 
$
106,127

 
$
84,730

 
$
132,854

 
$
86,509

Fixed charges
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
75,794

 
$
84,246

 
$
75,104

 
$
71,229

 
$
62,752

Capitalized interest
 
4,742

 
2,273

 
2,244

 
1,430

 
2,934

(Accretion) amortization of debt (premiums) discounts, net
 
(2,627
)
 
1,178

 
2,818

 
2,221

 
(1,902
)
Amortization of loan fees
 
2,485

 
2,232

 
1,924

 
1,520

 
1,629

Fixed charges
 
$
80,394

 
$
89,929

 
$
82,090

 
$
76,400

 
$
65,413

Ratio of earning to fixed charges
 
0.86

 
1.18

 
1.03

 
1.74

 
1.32