EX-12.1 4 a50182260ex12-1.htm EXHIBIT 12.1 a50182260ex12-1.htm
Exhibit 12.1
 
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
 
                              
                               
                               
   
Year Ended December 31,
  
   
2011
    
2010
    
2009
    
2008
    
2007
  
     
(In thousands, except ratio computation)
  
                                         
Pretax (loss) income from continuing operations before adjustment for
      noncontrolling interest
   $ (37,308 )   $ (21,765 )   $ 11,775     $ 30,031     $ 42,519  
                                         
Add back:
                                        
Fixed charges and preferred dividends
     35,878       34,875       31,450       38,414       48,936  
Distributed income of equity investees
     4,413       2,904       3,836       6,389       5,934  
                                         
Deduct:
                                        
Equity in (earnings) loss of equity investees
     (1,669 )     221       (1,328 )     (2,506 )     (2,496 )
Capitalized interest
     (325 )     (1,158 )     (2,116 )     (1,577 )     (2,881 )
Preferred share dividends
     (5,244 )     -       -       -       (3,146 )
Earnings as Defined
   $ (4,255 )   $ 15,077     $ 43,617     $ 70,751     $ 88,866  
                                         
Fixed Charges
                                        
Interest expense including amortization of deferred financing fees
   $     30,007     $ 33,397     $ 29,013     $ 36,518     $ 42,609  
Capitalized interest
     325       1,158       2,116       1,577       2,881  
Interest portion of rent expense
     302       320       321       319       300  
Fixed Charges
     30,634       34,875       31,450       38,414       45,790  
Preferred share dividends
     5,244       -       -       -       3,146  
Combined Fixed Charges and Preferred Dividends
   $ 35,878     $ 34,875     $ 31,450     $ 38,414     $ 48,936  
                                         
Ratio of Earnings to Fixed Charges
  
(a)
    
(b)
       1.39       1.84       1.90  
                                         
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
  
(a)
    
(b)
       1.39       1.84       1.82  
 
(a)
Due to the pretax loss from continuing operations for year ended December 31, 2011,  the ratio coverages were less than 1:1. We would have needed to generate additional earnings of $40.2 million to achieve a coverage of 1:1 for 2011.
 
The pretax loss from continuing operations before adjustment for noncontrolling interest for the year ended December 31, 2011 includes an asset impairment provision of $27.8 million and an impairment provision on equity investments in unconsolidated joint ventures of $9.6 million.
      
(b)
Due to the pretax loss from continuing operations for year ended December 31, 2010,  the ratio coverages were less than 1:1. We would have needed to generate additional earnings of $19.8 million to achieve a coverage of 1:1 for 2010.
 
The pretax loss from continuing operations before adjustment for noncontrolling interest for the year ended December 31, 2010 includes an asset impairment provision of $28.8 million and an impairment provision on equity investments in unconsolidated joint ventures of $2.7 million.