EX-12.1 2 eqy-10qx3312013exhibit121.htm EX-12.1 EQY-10Q-3.31.2013 Exhibit 12.1


Exhibit 12.1

Ratio of Earnings to Fixed Charges
(in thousands, except ratio computation)
 
 
Three Months Ended
 
Year Ended December 31,
 
 
March 31, 2013
 
2012
 
2011
 
2010
 
2009
 
2008
Pretax income (loss) from continuing operations
   before adjustment for noncontrolling interest
 
$
15,762

 
$
(7,956
)
 
$
20,420

 
$
2,504

 
$
55,678

 
$
20,471

Adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
Equity in (income) loss of unconsolidated joint
   ventures
 
(435
)
 
(542
)
 
(4,829
)
 
116

 
88

 
(108
)
Fixed charges
 
18,889

 
80,394

 
89,929

 
82,090

 
76,400

 
65,413

Distributed income of equity investees
 
1,011

 
3,337

 
1,465

 
346

 
371

 
171

Capitalized interest
 
(831
)
 
(4,742
)
 
(2,273
)
 
(2,244
)
 
(1,430
)
 
(2,934
)
Earnings as defined
 
$
34,396

 
$
70,491

 
$
104,712

 
$
82,812

 
$
131,107

 
$
83,013

Fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
18,046

 
$
75,794

 
$
84,246

 
$
75,104

 
$
71,229

 
$
62,752

Capitalized interest
 
831

 
4,742

 
2,273

 
2,244

 
1,430

 
2,934

(Accretion) amortization of debt (premiums)
   discounts, net
 
(594
)
 
(2,627
)
 
1,178

 
2,818

 
2,221

 
(1,902
)
Amortization of loan fees
 
606

 
2,485

 
2,232

 
1,924

 
1,520

 
1,629

Fixed charges
 
$
18,889

 
$
80,394

 
$
89,929

 
$
82,090

 
$
76,400

 
$
65,413

Ratio of earning to fixed charges
 
1.82

 
*
 
1.16

 
1.01

 
1.72

 
1.27

* Earnings for the year ended December 31, 2012 were insufficient to cover combined fixed charges by approximately $9.9 million. Other than the year ended December 31, 2012, there are no periods in which earnings were insufficient to cover combined fixed charges.