EX-12.1 2 exhibit121ratioofearningst.htm EX-12.1 Exhibit 12.1 Ratio of Earnings to Fixed Charges


Exhibit 12.1

Ratio of Earnings to Fixed Charges
(in thousands, except ratio computation)
 
 
Six Months Ended
 
Year Ended December 31,
 
 
June 30, 2012
 
2011
 
2010
 
2009
 
2008
 
2007
Pretax income from continuing operations before
     adjustment for noncontrolling interest
 
$
15,827

 
$
25,382

 
$
8,203

 
$
61,824

 
$
28,015

 
$
34,801

Adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
Equity in loss (income) of unconsolidated joint
     ventures
 
340

 
(4,829
)
 
116

 
88

 
(108
)
 
—

Fixed charges
 
39,245

 
89,929

 
82,090

 
76,400

 
65,413

 
71,985

Distributed income of equity investees
 
1,697

 
1,465

 
346

 
371

 
171

 
—

Capitalized interest
 
(2,495
)
 
(2,273
)
 
(2,244
)
 
(1,430
)
 
(2,934
)
 
(3,194
)
Earnings as defined
 
$
54,614

 
$
109,674

 
$
88,511

 
$
137,253

 
$
90,557

 
$
103,592

Fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
37,122

 
$
84,246

 
$
75,104

 
$
71,229

 
$
62,752

 
$
69,209

Capitalized interest
 
2,495

 
2,273

 
2,244

 
1,430

 
2,934

 
3,194

(Accretion) amortization of debt (premiums)
    discounts, net
 
(1,583
)
 
1,178

 
2,818

 
2,221

 
(1,902
)
 
(2,102
)
Amortization of loan fees
 
1,211

 
2,232

 
1,924

 
1,520

 
1,629

 
1,684

Fixed charges
 
$
39,245

 
$
89,929

 
$
82,090

 
$
76,400

 
$
65,413

 
$
71,985

Ratio of earning to fixed charges
 
1.39

 
1.22

 
1.08

 
1.80

 
1.38

 
1.44