EX-12 2 ex12-1.htm EXHIBIT 12.1 ex12-1.htm

 

Exhibit 12.1

 

Ratio of Earnings to Fixed Charges

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(dollars in thousands)

 

   

For the Six

Months Ended

   

For the Years Ended December 31,

 
    June 30, 2013    

2012

   

2011

   

2010

   

2009

   

2008

 

Earnings:

                                               

Pretax income (loss) from continuing operations

  $ 27,603     $ 29,100     $ 5,243     $ 5,670     $ 10,884     $ (25,764 )

Fixed charges

    101,062       105,926       4,837       9,611       14,235       36,260  

Dividends distributed to shareholders

    26,875       22,304       8,270       8,102       7,108       4,100  

Equity investee adjustment

    136       (38 )     (174 )     (64 )     -       -  

Noncontrolling interest

    -       97       (97 )     -       -       -  

Total Earnings

  $ 155,676     $ 157,389     $ 18,079     $ 23,319     $ 32,227     $ 14,596  
                                                 

Fixed Charges:

                                               

Interest expense

  $ 101,062     $ 105,926     $ 4,837     $ 9,611     $ 14,235     $ 36,260  

Total Fixed Charges

    101,062       105,926       4,837       9,611       14,235       36,260  

Preferred stock dividends

    662       -       -       -       -       -  

Total Combined Fixed Charges and Preferred Stock Dividends

  $ 101,724     $ 105,926     $ 4,837     $ 9,611     $ 14,235     $ 36,260  
                                                 

Ratio of earnings to fixed charges

    1.54       1.49       3.74       2.43       2.26       0.40  
                                                 

Ratio of earnings to combined fixed charges and preferred stock dividends

    1.53       1.49       3.74       2.43       2.26       0.40  
                                                 

Deficiency related to ratio of earnings to fixed charges

 

NA

   

NA

   

NA

   

NA

   

NA

    $ (21,664 )

Deficiency related to ratio of earnings to combined fixed charges and preferred stock dividends

 

NA

   

NA

   

NA

   

NA

   

NA

    $ (21,664 )