EX-12.1 8 k82513exv12w1.txt COMPUTATION OF RATIO OF EARNINGS EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (In thousands, except ratio data)
Year ended December 31, -------------------------------------------------------------- 2003 2002 2001 2000 1999 -------------------------------------------------------------- Income Before Minority Interests $12,955 $13,428 $19,666 $17,962 $16,754 Add: Distributed Income of Equity Investees 656 719 803 302 287 Fixed Charges and Preferred Dividends Excluding Capitalized Interest 31,947 27,724 29,866 31,289 28,983 Amortization of Capitalized Interest 111 79 53 39 8 Equity in Loss of Equity Investees - - - - 204 Deduct: Gain on Sale of Real Estate (1,160) (2,164) (5,550) (3,795) (974) Preferred Dividends (2,375) (1,151) (3,360) (3,360) (3,407) Equity in Earnings of Equity Investees (252) (790) (813) (198) - ------------ ----------- ----------- ---------- ---------- $41,882 $37,845 $40,665 $42,239 $41,855 ============ =========== =========== ========== ========== Fixed Charges: Interest Expense including Amortization of Debt Costs $29,432 $26,429 $26,332 $27,756 $25,421 Capitalized Interest 586 1,243 348 1,310 1,694 Interest Factor in Rental Expense 140 144 174 173 155 ------------ ----------- ----------- ---------- ---------- Total Fixed Charges $30,158 $27,816 $26,854 $29,239 $27,270 Preferred Stock Dividends 2,375 1,151 3,360 3,360 3,407 ------------ ----------- ----------- ---------- ---------- Total Fixed Charges and Preferred Dividends $32,533 $28,967 $30,214 $32,599 $30,677 ============ =========== =========== ========== ========== Ratio of Earnings to Combined Fixed Charges 1.4 1.4 1.5 1.4 1.5 Ratio of Earnings to Combined Fixed Charges and Preferred Dividends 1.3 1.3 1.3 1.3 1.4