EX-12.1 2 eqy-10qx3312014exhibit121.htm EXHIBIT EQY-10Q-3.31.2014 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, 2014
 
2013
 
2012
 
2011
 
2010
 
2009
Pretax income (loss) from continuing operations
before adjustment for noncontrolling interest
 
$
28,702

 
$
48,479

 
$
(4,192
)
 
$
17,431

 
$
(3,928
)
 
$
49,151

Adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
Equity in (income) loss of unconsolidated joint ventures
 
(8,261
)
 
(1,648
)
 
(542
)
 
(4,829
)
 
116

 
88

Fixed charges
 
18,901

 
77,098

 
80,394

 
89,929

 
82,090

 
76,400

Distributed income of equity investees
 
—

 
53

 
3,337

 
1,465

 
346

 
371

Capitalized interest
 
(701
)
 
(2,863
)
 
(4,742
)
 
(2,273
)
 
(2,244
)
 
(1,430
)
Earnings as defined
 
$
38,641

 
$
121,119

 
$
74,255

 
$
101,723

 
$
76,380

 
$
124,580

Fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
18,221

 
$
74,292

 
$
75,794

 
$
84,246

 
$
75,104

 
$
71,229

Capitalized interest
 
701

 
2,863

 
4,742

 
2,273

 
2,244

 
1,430

(Accretion) amortization of debt (premiums)
discounts, net
 
(620
)
 
(2,478
)
 
(2,627
)
 
1,178

 
2,818

 
2,221

Amortization of loan fees
 
599

 
2,421

 
2,485

 
2,232

 
1,924

 
1,520

Fixed charges
 
$
18,901

 
$
77,098

 
$
80,394

 
$
89,929

 
$
82,090

 
$
76,400

Ratio of earning to fixed charges
 
2.04

 
1.57

 
*
 
1.13

 
*
 
1.63

* Earnings for the years ended December 31, 2012 and 2010 were insufficient to cover combined fixed charges by approximately $6.1 million and $5.7 million, respectively. Other than the years ended December 31, 2012 and 2010, there are no periods in which earnings were insufficient to cover combined fixed charges.