EX-12.1 4 k02503exv12w1.txt COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS . . . EXHIBIT 12.1
Year ended December 31, -------------------------------------------------------------------- 2005 2004 2003 2002 2001 --------------------------------------------------------------------- Income Before Minority Interests $21,853 $17,828 $12,491 $ 13,122 $ 19,666 Add: Distributed Income of Equity Investees 1,964 468 656 719 803 Fixed Charges and Preferred Dividends Excluding Capitalized Interest 49,342 39,535 31,947 27,724 29,866 Amortization of Capitalized Interest 123 136 111 79 53 Deduct: Gain on Sale of Real Estate (1,136) (2,408) (1,160) (2,164) (5,550) Preferred Dividends (6,655) (4,814) (2,375) (1,151) (3,360) Equity in Earnings of Equity Investees (2,400) (180) (252) (790) (813) ----------- --------- -------- --------- ---------- $63,091 $50,565 $ 41,418 $ 37,539 $ 40,665 =========== ========= ======== ========= ========== Fixed Charges: Interest Expense including Amortization of Debt Costs $42,421 $34,525 $29,432 $26,429 $26,332 Capitalized Interest 741 692 586 1,243 348 Interest Factor in Rental Expense 266 196 140 144 174 ----------- --------- -------- --------- ---------- Total Fixed Charges $43,428 $35,413 $30,158 $27,816 $26,854 Preferred Stock Dividends 6,655 4,814 2,375 1,151 3,360 ----------- --------- -------- --------- ---------- Total Fixed Charges and Preferred Dividends $50,083 $40,227 $ 32,533 $ 28,967 $30,214 =========== ========= ======== ========= ========== Ratio of Earnings to Combined Fixed Charges 1.45 1.43 1.37 1.35 1.51 Ratio of Earnings to Combined Fixed Charges and Preferred Dividends 1.26 1.26 1.27 1.30 1.35