EX-12.1 4 a50047529_12-1.htm EXHIBIT 12.1 a50047529_12-1.htm
 
Exhibit 12.1
 
 
                         
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
                    
For the three and nine months ended Sepetmber 30, 2011 and 2010
                    
(in thousands, except ratio computation)
                        
                         
   
Three months ended
    
Nine months ended
  
   
September 30,
    
Sepetmber 30,
  
   
2011
    
2010
    
2011
    
2010
  
Pretax income (loss) from continuing operations before adjustment
     for noncontrolling interest (a)
   $ 5,869     $ (29,336 )   $ 5,408     $ (31,091 )
                                 
Add back:
                                
Fixed charges and preferred dividends
     9,170       8,537       27,356       26,514  
Distributed income of equity investees
     951       463       3,143       1,859  
                                 
Deduct:
                                
Equity in (earnings) loss of equity investees
     (3,703 )     1,362       (5,336 )     662  
Capitalized interest
     (156 )     (195 )     (359 )     (1,059 )
Preferred share dividends
     (1,813 )     -       (3,432 )     -  
Earnings as Defined
   $ 10,318     $ (19,169 )   $ 26,780     $ (3,115 )
                                 
Fixed Charges
                                
Interest expense including amortization of deferred financing fees
   $ 7,129     $ 8,253     $ 23,331     $ 25,217  
Capitalized interest
     156       195       359       1,059  
Interest portion of rent expense
     72       89       234       238  
Fixed Charges
   $ 7,357     $ 8,537     $ 23,924     $ 26,514  
Preferred share dividends
     1,813       -       3,432       -  
Combined Fixed Charges and Preferred Dividends
   $ 9,170     $ 8,537     $ 27,356     $ 26,514  
                                 
Ratio of Earnings to Fixed Charges
     1.40    
(b)
       1.12    
(c)
  
                                 
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
     1.13    
(b)
    
(a)
    
(c)
  
                                 
(a)
Due to the pretax income from continuing operations for the nine months ended September 30, 2011, the ratio coverage was less than 1:1.  We would have needed to generate additional earnings of approximately $0.6 million to achieve a coverage of 1:1 for the nine months ended September 30, 2011.
   
(b)
Due to the pretax loss from continuing operations for the three months ended September 30, 2010, the ratio coverage was less than 1:1.  We would have needed to generate additional earnings of approximately $27.7 million to achieve a coverage of 1:1 for the three months ended September 30, 2010.
 
The pretax loss from continuing operations before adjustment for noncontrolling interest for the three months ended September 30, 2010 includes a provision for impairment of $28.8 million.
   
(c)
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 approximately $29.6 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 provision for impairment of $28.8 million and impairment charges of equity investments in unconsolidated joint ventures of $2.7 million.