EX-12.1 2 dex121.htm STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS Statement Regarding Computation of Ratios of Earnings

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)

    2009    2008    2007    2006    2005

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

    $ 195,359    $ 138,446    $ 109,955    $ 117,224    $ 114,107

Interest expense

               

Senior notes payable and other debt

      177,877      203,680      195,847      126,697      91,702
                                  

Earnings

    $ 373,236    $ 342,126    $ 305,802    $ 243,921    $ 205,809
                                  

Interest

               

Senior notes payable and other debt expense

    $ 177,877    $ 203,680    $ 195,847    $ 126,697    $ 91,702

Interest capitalized

      304      114      —        —        —  

Preferred stock dividends

      —        —        3,449      —        —  
                                  

Fixed charges

    $ 178,181    $ 203,794    $ 199,296    $ 126,697    $ 91,702
                                  

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

      2.09      1.68      1.53      1.93      2.24