EX-12 3 y84146exv12.txt CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES . . . EXHIBIT 12 ALEXANDER'S, INC. CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES (amounts in thousands except ratios)
December 31, December 31, December 31, December 31, December 31, 2002 2001 2000 1999 1998 ---- ---- ---- ---- ---- Earnings $ 23,584 $ 23,901 $ 5,197 $ 5,524 $ (6,055) Fixed charges (1) 23,027 22,608 21,563 17,786 16,651 -------- -------- -------- -------- -------- Income from continuing operation before income taxes and fixed charges $ 46,611 $ 46,509 $ 26,760 $ 23,310 $ 10,596 ======== ======== ======== ======== ======== Fixed charges: Interest and debt expense $ 22,888 $ 22,469 $ 21,424 $ 17,647 $ 16,541 1/3 of rent expense - interest factor 139 139 139 139 110 -------- -------- -------- -------- -------- 23,027 22,608 21,563 17,786 16,651 Capitalized interest 23,788 19,259 16,731 9,352 7,864 -------- -------- -------- -------- -------- $ 46,815 $ 41,867 $ 38,294 $ 27,138 $ 24,515 ======== ======== ======== ======== ======== Ratio of earnings to fixed charges 1.00 1.11 -- -- -- Deficiency in earnings available to cover fixed charges $ -- $ -- $(11,534) $ (3,828) $(13,919) ======== ======== ======== ======== ========
Notes: (1) For purposes of this calculation, earnings before fixed charges consist of earnings plus fixed charges. Fixed charges consist of interest expense on all indebtedness (including amortization of debt issuance costs) from continuing operations and the portion of operating lease rental expense that is representative of the interest factor (deemed to be one-third of operating lease rentals).