EX-12.1 4 d293759dex121.htm CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES Calculation of Ratios of Earnings to Fixed Charges

Exhibit 12.1

CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

     The Company  (1)      The Predecessor (1)  
     For the period
from January 1,
2011 to
September 30,
2011		      For the Year Ended December 31,        
        2010     2009      2008     2007     2006  

Calculation of Earnings:

               

Add:

               

Pre-tax income (loss) from continuing operations before adjustment for equity investees

      14,171         (3,813 )      3,698         2,907        (2,761 )      (2,063 ) 

Fixed charges (see below)

      42,909         57,211        53,026         55,337        55,145        43,668   

Distributed income of equity investees

      —           2,714        3,724         3,524        3,973        2,329   

Subtract:

               

Interest capitalized

      —           —          —           (242 )      (366 )      (1,578 ) 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Total earnings before fixed charges

      57,080         56,112        60,448         61,526        55,991        42,356   
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Fixed charges

               

Interest expensed and capitalized

      42,350         56,860        52,691         54,989        54,847        43,668   

Interest portion of rent expense

      559         351        335         348        298        —     
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Total fixed charges

      42,909         57,211        53,026         55,337        55,145        43,668   

Ratio of earnings to fixed charges

      1.3         1.0        1.1         1.1        1.0        1.0   

 

  (1) The calculation of earnings and fixed charges includes income from the Company/the Predecessor and our majority owned subsidiaries, the Waikiki Beach Walk entities.