EX-12.1 2 eqy-10qx93015xexhibit121.htm EXHIBIT 12.1 Exhibit


 
 
 
 
 
 
 
 
 
 
Exhibit 12.1
 
Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands, except ratio computation)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
Year Ended December 31,
 
 
September 30, 2015
 
2014
 
2013
 
2012
 
2011
 
2010
Pretax income (loss) from continuing
operations before adjustment for
noncontrolling interest
 
$
59,061

 
$
58,984

 
$
48,479

 
$
(4,192
)
 
$
17,431

 
$
(3,928
)
Adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
Equity in (income) loss of
unconsolidated joint ventures
 
(4,433
)
 
(10,990
)
 
(1,648
)
 
(542
)
 
(4,829
)
 
116

Fixed charges
 
45,745

 
71,396

 
74,235

 
80,394

 
89,929

 
82,090

Distributed income of equity investees
 
2,699

 
3,121

 
53

 
3,337

 
1,465

 
346

Capitalized interest
 
(3,702
)
 
(4,969
)
 
(2,863
)
 
(4,742
)
 
(2,273
)
 
(2,244
)
Earnings as defined
 
$
99,370

 
$
117,542

 
$
118,256

 
$
74,255

 
$
101,723

 
$
76,380

Fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
41,385

 
$
66,431

 
$
71,429

 
$
75,794

 
$
84,246

 
$
75,104

Capitalized interest
 
3,702

 
4,969

 
2,863

 
4,742

 
2,273

 
2,244

(Accretion) amortization of debt
(premiums) discounts, net
 
(964
)
 
(2,400
)
 
(2,478
)
 
(2,627
)
 
1,178

 
2,818

Amortization of loan fees
 
1,622

 
2,396

 
2,421

 
2,485

 
2,232

 
1,924

Fixed charges
 
$
45,745

 
$
71,396

 
$
74,235

 
$
80,394

 
$
89,929

 
$
82,090

Ratio of earning to fixed charges
 
2.17

 
1.65

 
1.59

 
*
 
1.13

 
*
* 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.