EX-12.1 82 dex121.htm STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement Re: Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

 

STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO

FIXED CHARGES

 

     Year Ended December 31,
    

Nine Months
Ended
September 30,

2004

  
     1999
     2000
     2001
     2002
     2003
    

Income (loss) before gain on disposal of real estate assets, discontinued operations, provision for income taxes and extraordinary loss

    $ 38,347     $ (69,669 )   $ 49,071     $ 35,090     $ 96,734     $ 74,226  

Interest expense

                                                 

Notes payable and other debt, net of capitalized interests

      81,533       87,557       80,197       71,027       61,790       49,266  

United States Settlement

      —         —         4,592       5,461       4,943       —    
    
 
 
 
 
 

Earnings

    $ 119,880     $ 17,888     $ 133,860     $ 111,578     $ 163,467     $ 123,492  
    
 
 
 
 
 

Interest expense

                                                 

Notes payable and other debt

    $ 81,533     $ 87,557     $ 80,197     $ 71,027     $ 61,790     $ 49,266  

United States Settlement

      —         —         4,592       5,461       4,943       —    

Interest expense portion of rental expense

      —         —         —         —         —         —    
    
 
 
 
 
 

Fixed charges

    $ 81,533     $ 87,557     $ 84,789     $ 76,488     $ 66,733     $ 49,266  
    
 
 
 
 
 

Ratio of earnings to fixed
charges (a)

      1.47 x     —         1.58 x     1.46 x     2.45 x     2.51 x
    
 
 
 
 
 
(a)   Earnings were insufficient to cover fixed charges by $69.7 million in 2000. Earnings in 2000 were reduced by $96.5 million for the United States Settlement.