EX-12.1 2 ex12_1.htm EXHIBIT 12.1 ex12_1.htm
EXHIBIT 12.1

For Period Ended September 30,2009
(in thousands, except ratio computation)
 
   
Nine months ended,
    
Twelve months ended December 31,
  
   
September 30, 2009
    
2008
    
2007
    
2006
    
2005
    
2004
  
Income From Continuing Operations
   $ 64,724     $ 36,560     $ 49,903     $ 50,650     $ 48,485     $ 27,840  
                                                 
Adjustments
                                                
Equity in income (loss) in unconsolidated joint ventures
     (37 )     (108 )     -       (1,853 )     -       -  
Fixed charges
     57,564       65,413       71,392       61,036       51,853       45,255  
Distributed income of equity investees
     264       170       -       3,308       (12 )     3,119  
Capitalized interest
     (1,004 )     (2,933 )     (3,194 )     (5,820 )     (3,354 )     (3,204 )
Earnings as defined
   $ 121,511     $ 99,102     $ 118,101     $ 107,321     $ 96,972     $ 73,010  
                                                 
Fixed charges
                                                
Interest expense
     53,788       62,753       68,622       56,963       52,049       45,593  
Capitalized interest
     1,004       2,933       3,194       5,820       3,354       3,204  
Amortization of debt  (discounts)/premiums
     1,637       (1,902 )     (2,102 )     (3,231 )     (4,999 )     (4,871 )
Amortization of loan fees fixed charges
     1,135       1,629       1,678       1,484       1,449       1,329  
Fixed charges
   $ 57,564     $ 65,413     $ 71,392     $ 61,036     $ 51,853     $ 45,255  
                                                 
Ratio of earnings to fixed charges
     2.11       1.52       1.65       1.76       1.87       1.61