EX-12.1 4 a6497535_ex12-1.htm EXHIBIT 12.1 a6497535_ex12-1.htm
Exhibit 12.1
 
             
Computation of Ratio of Earnings to Fixed Charges
            
For Period Ended September 30, 2010 and 2009
            
(in thousands, except ratio computation)
            
             
   
Nine months ended
  
   
September 30,
  
   
2010
    
2009
  
Pretax income from continuing operations before adjustment for
      noncontrolling interest (a)
   $ (30,536 )   $ 12,085  
                 
Add back:
                
Fixed Charges
     27,504       25,324  
Distributed income of equity investees
     1,859       3,131  
                 
Deduct:
                
Equity in (earnings) loss of equity investees
     662       (1,349 )
Capitalized interest
     (1,059 )     (1,331 )
Earnings as Defined
   $ (1,570 )   $ 37,860  
                 
Fixed Charges
                
Interest expense including amortization of deferred financing fees
   $ 26,207     $ 23,765  
Capitalized interest
     1,059       1,331  
Interest portion of rent expense
     238       228  
Fixed Charges
   $ 27,504     $ 25,324  
                 
Ratio of Earnings to Fixed Charges
  
(a)
       1.50  
                 
 
 
(a) Due to the pretax loss from continuing operations for the nine months ended September 30, 2010, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $29.1 million to achieve a coverage of 1:1 for the nine months ended September 30, 2010.
   
 
The pretax loss from continuing operations before adjustment for noncontrolling interest for the nine months ended September 30, 2010 includes a consolidated provision for impairment $28.8 million and impairment charges of equity investments in unconsolidated joint ventures of $2.7 million, which together aggregate $31.4 million, that are discussed in Note 5 to the condensed consolidated financial statements in the Form 10-Q for the period ended September 30, 2010.