EX-12.1 6 ex121earningstofixedcharges.htm EXHIBIT Ex121EarningstoFixedCharges

 
 
 
 
 
 
 
 
Exhibit 12.1
 
 
 
 
 
 
 
 
 
 
 
 
COUSINS PROPERTIES INCORPORATED
STATEMENT REGARDING COMPUTATION OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED DIVIDENDS
($ in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
2011
 
2010
 
2009
 
2008
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss from continuing operations before taxes, unconsolidated joint ventures and sale of investment properties
$
(12,507
)
 
$
(118,757
)
 
$
(44,622
)
 
$
(90,769
)
 
$
(9,633
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
 
Distributed income of equity investees
37,379
 
8,865
 
11,394
 
7,237
 
23,751
 
 
Amortization of capitalized interest
1,001
 
1,497
 
2,020
 
2,821
 
1,726
 
 
Fixed charges
38,673
 
28,588
 
37,401
 
43,722
 
42,727
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtract:
 
 
 
 
 
 
 
 
 
 
 
Capitalized interest
(1,637)
 
(600)
 
-

 
(3,736)
 
(14,894)
 
 
Preferred Stock Dividends
(12,907)
 
(12,907)
 
(12,907)
 
(12,907)
 
(14,957)
 
 
Earnings
$
50,002

 
$
(93,314
)
 
$
(6,714
)
 
$
(53,632
)
 
$
28,720

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
23,933

 
$
27,784

 
$
37,180

 
$
39,759

 
$
27,602

 
 
Capitalized interest
1,637
 
600
 
-
 
3,736
 
14,894
 
 
Interest component of rental expense (30%)
196
 
204
 
221
 
227
 
231
 
 
 
25,766
 
28,588
 
37,401
 
43,722
 
42,727
 
 
Preferred stock dividends
12,907
 
12,907
 
12,907
 
12,907
 
14,957
 
 
Fixed charges
$
38,673

 
$
41,495

 
$
50,308

 
$
56,629

 
$
57,684

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
1.94
 
-
(1)
-
(2)
-
(3)
0.67
(4)
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
1.29
 
-
(1)
-
(2)
-
(3)
0.50
(4)
 
 
 
 
 
 
 
 
 
 
 
 
(1) The ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred stock dividends was less than one-to-one for the year ended December 31, 2011. Additional earnings of $121,902 and $134,809 would have been needed to have a one-to-one ratio of earnings to fixed charges and a one-to-one ratio of earnings to combined fixed charges and preferred stock dividends, respectively.
 
 
 
 
 
 
 
 
 
 
 
 
(2) The ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred stock dividends was less than one-to-one for the year ended December 31, 2010. Additional earnings of $44,115 and $57,022 would have been needed to have a one-to-one ratio of earnings to fixed charges and a one-to-one ratio of earnings to combined fixed charges and preferred stock dividends, respectively.
 
 
 
 
 
 
 
 
 
 
 
 
(3) The ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred stock dividends was less than one-to-one for the year ended December 31, 2009. Additional earnings of $97,354 and $110,261 would have been needed to have a one-to-one ratio of earnings to fixed charges and a one-to-one ratio of earnings to combined fixed charges and preferred stock dividends, respectively.
 
 
 
 
 
 
 
 
 
 
 
 
(4) The ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred stock dividends was less than one-to-one for the year ended December 31, 2008. Additional earnings of $14,007 and $28,964 would have been needed to have a one-to-one ratio of earnings to fixed charges and a one-to-one ratio of earnings to combined fixed charges and preferred stock dividends, respectively.