EX-12.1 7 a16-2909_1ex12d1.htm EX-12.1

EXHIBIT 12.1

 

RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

 

 

Quarter Ended

 

Year Ended December 31,

 

 

 

September
30, 2015

 

2014

 

2013

 

2012

 

2011

 

2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

55,127

 

$

73,399

 

$

55,405

 

$

50,306

 

$

48,620

 

$

44,851

 

Add: Fixed charges

 

12,397

 

14,634

 

12,296

 

10,098

 

6,670

 

2,961

 

Less: Capitalized interest

 

(481

)

(1,506

)

(932

)

(130

)

(45

)

(117

)

Less: Income allocated to non-controlling interests

 

—

 

—

 

—

 

(37

)

(191

)

(191

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

$

67,043

 

$

86,527

 

$

66,769

 

$

60,237

 

$

55,054

 

$

47,504

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (includes amortization of debt issue costs and capitalized interest) 

 

11,916

 

13,128

 

11,364

 

9,931

 

6,434

 

2,653

 

Capitalized interest

 

481

 

1,506

 

932

 

130

 

45

 

117

 

Income allocated to non-controlling interests

 

—

 

—

 

—

 

37

 

191

 

191

 

Total fixed charges

 

12,397

 

14,634

 

12,296

 

10,098

 

6,670

 

2,961

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividend (excludes preferred stock redemption charge)

 

2,454

 

3,273

 

3,273

 

3,273

 

5,512

 

13,662

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges and preferred dividends

 

$

14,851

 

$

17,907

 

$

15,569

 

$

13,371

 

$

12,182

 

$

16,623

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

5.41

 

5.91

 

5.43

 

5.97

 

8.25

 

16.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred dividends

 

4.51

 

4.83

 

4.29

 

4.51

 

4.52

 

2.86