EX-12.1 4 rpt-12312014_ex121.htm EXHIBIT 12.1 RPT-12.31.2014_EX 12.1


Exhibit 12.1

 
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
 
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
 
 
(In thousands, except ratio computation)
 
(Loss) income from continuing operations before adjustment for noncontrolling interest
 
$
(2,412
)
 
$
8,371

 
$
7,171

 
$
(29,418
)
 
$
(24,063
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Add back:
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
37,274

 
31,918

 
28,618

 
29,867

 
33,928

 
 
Distributed income of equity investees
 
1,881

 
3,232

 
3,793

 
4,413

 
2,904

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deduct:
 
 
 
 
 
 
 
 
 
 
 
 
Equity in (earnings) loss of equity investees
 
(75
)
 
4,759

 
(3,248
)
 
(1,669
)
 
221

 
 
Capitalized interest
 
(1,862
)
 
(1,161
)
 
(996
)
 
(325
)
 
(1,158
)
 
Earnings as Defined
 
$
34,806

 
$
47,119

 
$
35,338

 
$
2,868

 
$
11,832

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense including amortization of deferred financing fees
 
$
35,188

 
$
30,522

 
$
27,344

 
$
29,240

 
$
32,450

 
 
Capitalized interest
 
1,862

 
1,161

 
996

 
325

 
1,158

 
 
Interest portion of rent expense
 
224

 
235

 
278

 
302

 
320

 
Fixed Charges
 
$
37,274

 
$
31,918

 
$
28,618

 
$
29,867

 
$
33,928

 
 
Preferred share dividends
 
7,250

 
7,250

 
7,250

 
5,244

 
—

 
Combined Fixed Charges and Preferred Dividends
 
$
44,524

 
$
39,168

 
$
35,868

 
$
35,111

 
$
33,928

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
 
(a)
 
1.20

 
(b)
 
(c)
 
(d)
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Due to the loss from continuing operations, as restated for discontinued operations, for year ended December 31, 2014, the ratio coverage was less than 1:1. We would have needed to generate additional earnings from continuing operations of $9.7 million to achieve a coverage of 1:1 for 2014.
(b) Due to the reduced income from continuing operations, as restated for discontinued operations, for year ended December 31, 2012, the ratio coverage was less than 1:1. We would have needed to generate additional earnings from continuing operations of $0.5 million to achieve a coverage of 1:1 for 2012.
(c) Due to the loss from continuing operations, as restated for discontinued operations, for year ended December 31, 2011, the ratio coverage was less than 1:1. We would have needed to generate additional earnings from continuing operations of $32.2 million to achieve a coverage of 1:1 for 2011.
(d) Due to the loss from continuing operations, as restated for discontinued operations, for year ended December 31, 2010, the ratio coverage was less than 1:1. We would have needed to generate additional earnings from continuing operations of $22.1 million to achieve a coverage of 1:1 for 2010.