EX-12.1 21 ex12-1.htm EXHIBIT 12.1 ex12-1.htm

 Exhibit 12.1
 
RATIO OF EARNINGS TO FIXED CHARGES
                                           
The following table sets forth our ratio of earnings to fixed charges on a reported basis for the periods indicated. Earnings consist of income from continuing operations plus fixed charges. Fixed charges consist of interest expense, amortization of deferred financing costs and costs related to retiring certain debt early. We have calculated the ratio of earnings to fixed charges by adding net income from continuing operations to fixed charges and dividing that sum by such fixed charges.
                                           
 
 
                                 
Six Months Ended
 
   
Year Ended December 31,
         
June 30,
 
   
2007
   
2008
   
2009
   
2010
   
2011
   
2011
   
2012
 
                                           
Net Income (loss) from continuing operations
  $ 67,598     $ 77,691     $ 82,111     $ 58,436     $ 52,606     $ 11,877     $ 56,656  
  Interest Expense(1)
    44,092       39,746       39,075       90,602       86,899       41,485       53,683  
                                                         
Net income (loss) before fixed charges
    111,690       117,437       121,186       149,038       139,505       53,362       110,339  
                                                         
Capitalized interest
    110       160       141       22       139       139       61  
Interest expense(1)
    44,092       39,746       39,075       90,602       86,899       41,485       53,683  
                                                         
Total fixed charges
    44,202       39,906       39,216       90,624       87,038       41,624       53,744  
                                                         
Earnings / Fixed Charge Coverage Ratio
    2.5x       2.9x       3.1x       1.6x       1.6x       1.3x       2.1x  
                                                           
(1) Includes interest refinancing costs and amortization of deferred financing costs.