EX-12.1 2 dex121.htm STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES Statement Regarding Computation of Ratios of Earnings to Combined Fixed Charges

Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND

PREFERRED STOCK DIVIDENDS

 

     For the year ended December 31,

(dollars in thousands)

    2008    2007    2006    2005    2004

Income before net loss on real estate disposals, reversal of contingent liability, income taxes, discontinued operations, noncontrolling interest and preferred stock dividends and issuance costs

    $ 138,951    $ 110,431    $ 117,695    $ 114,373    $ 88,506

Interest expense

               

Senior notes payable and other debt

      204,549      196,773      127,398      92,204      55,949
                                  

Earnings

    $ 343,500    $ 307,204    $ 245,093    $ 206,577    $ 144,455
                                  

Interest

               

Senior notes payable and other debt expense

    $ 204,549    $ 196,773    $ 127,398    $ 92,204    $ 55,949

Interest capitalized

      114      —        —        —        —  

Preferred stock dividends

      —        3,449      —        —        —  
                                  

Fixed charges

    $ 204,663    $ 200,222    $ 127,398    $ 92,204    $ 55,949
                                  

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

      1.68      1.53      1.92      2.24      2.58