EX-12.1 5 g22429exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
COUSINS PROPERTIES INCORPORATED
STATEMENT REGARDING COMPUTATION OF EARNINGS TO FIXED CHARGES
($ in thousands)
                                         
    2009     2008     2007     2006     2005  
Earnings:
                                        
Income (loss) from continuing operations before taxes, unconsolidated joint ventures and sale of investment properties
   $ (66,195 )   $ (5,740 )   $ 1,843     $ (25,372 )   $ (3,105 )
 
                                        
Add:
                                        
Gain on sale of investment property, net of applicable income tax provision
     168,637       10,799       5,535       3,012       15,733  
Distributed income of equity investees
     7,237       23,751       7,716       169,481       34,948  
Amortization of capitalized interest
     1,734       1,664       1,478       975       1,196  
Fixed charges
     45,356       48,276       32,420       32,301       26,961  
 
                                        
Subtract:
                                        
Capitalized interest
     (3,736 )     (14,894 )     (23,344 )     (20,554 )     (17,193 )
             
Earnings
   $ 153,033     $ 63,856     $ 25,648     $ 159,843     $ 58,540  
             
 
                                        
Fixed charges:
                                        
Interest expense
   $ 41,393     $ 33,151     $ 8,816     $ 11,119     $ 9,094  
Capitalized interest
     3,736       14,894       23,344       20,554       17,193  
Interest component of rental expense (30%)
     227       231       260       628       674  
             
Fixed charges
   $ 45,356     $ 48,276     $ 32,420     $ 32,301     $ 26,961  
             
 
                                        
Ratio of Earnings to Fixed Charges
     3.37       1.32       0.79       4.95       2.17  
             

 

 

STATEMENT REGARDING COMPUTATION OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED DIVIDENDS
($ in thousands)
                                         
    2009     2008     2007     2006     2005  
Earnings:
                                        
Income (loss) from continuing operations before taxes, unconsolidated joint ventures and sale of investment properties
   $ (66,195 )   $ (5,740 )   $ 1,843     $ (25,372 )   $ (3,105 )
 
                                        
Add:
                                        
Gain on sale of investment property, net of applicable income tax provision
     168,637       10,799       5,535       3,012       15,733  
Distributed income of equity investees
     7,237       23,751       7,716       169,481       34,948  
Amortization of capitalized interest
     3,117       2,022       1,478       975       1,196  
Fixed charges
     58,263       63,233       47,669       47,551       42,211  
 
                                        
Subtract:
                                        
Capitalized interest
     (3,736 )     (14,894 )     (23,343 )     (20,554 )     (17,193 )
Preferred dividends
     (12,907 )     (14,957 )     (15,250 )     (15,250 )     (15,250 )
             
Earnings
   $ 154,416     $ 64,214     $ 25,648     $ 159,843     $ 58,540  
             
 
                                        
Fixed charges:
                                        
Interest expense
   $ 41,393     $ 33,151     $ 8,816     $ 11,119     $ 9,094  
Capitalized interest
     3,736       14,894       23,343       20,554       17,193  
Interest component of rental expense (30%)
     227       231       260       628       674  
             
 
     45,356       48,276       32,419       32,301       26,961  
Preferred stock dividends
     12,907       14,957       15,250       15,250       15,250  
             
Fixed charges
   $ 58,263     $ 63,233     $ 47,669     $ 47,551     $ 42,211  
             
 
                                        
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
     2.65       1.02       0.54       3.36       1.39