EX-12.1 4 ex12-1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ex12-1.htm

EXHIBIT 12.1
 
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                         
                         
                         
                         
                         
   
Three Months Ended
Three Months Ended
For the year ended December 31,
Ratio of Earnings to Fixed Charges
 
March 31, 2007
March 31, 2006
2006
 
2005
 
2004
 
2003
 
2002
                         
                         
                         
Fixed charges:
                       
Interest expense on indebtedness
 
$   8,495
$   2,216
$   19,149
 
$   7,057
 
$   4,017
 
$   2,548
 
$   1,228
                         
Preference security dividend requirements of
                   
  consolidated subsidiaries
 
                            569
                        517
          2,241
 
         1,452
 
              -
 
                -
 
               -
                         
Amortization of capitalized costs related
                       
  to indebtedness
 
                            196
                           7
            121
 
            228
 
            287
 
              195
 
               16
                         
Total fixed charges
 
                         9,260
                     2,740
        21,511
 
         8,737
 
         4,304
 
           2,743
 
          1,244
                         
Earnings:
                       
Net income from continuing operations
 
                         1,633
                     2,288
          2,432
 
       15,035
 
         9,373
 
         11,425
 
          9,660
Add:  Total fixed charges
 
                         9,260
                     2,740
        21,511
 
         8,737
 
         4,304
 
           2,743
 
          1,244
Add:  Distributed income from equity investees
                              -
                     1,037
          4,037
 
         2,400
 
         2,400
 
           2,400
 
          2,400
Less:  Income from equity investees
 
                              -
                       (679)
         (3,000)
 
        (2,837)
 
        (2,400)
 
          (2,400)
 
         (2,400)
Less:  Preference security dividend requirements
                   
            of consolidated subsidiaries
 
                           (569)
                       (517)
         (2,241)
 
        (1,452)
 
              -
 
                -
 
               -
                         
Total earnings
 
$  10,324
    $   4,869
$  22,739
 
$  21,883
 
 $  13,677
 
$  14,168
 
$  10,904
                         
Ratio of Earnings to Fixed Charges
 
                             1.1
                        1.8
             1.1
 
            2.5
 
             3.2
 
              5.2
 
              8.8