EX-12.1 3 l08096aexv12w1.txt EX-12.1 COMPUTATION-RATIO OF EARNINGS:FIXED CHARGE . . . Exhibit 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Amounts in Thousands)
Year Ended December 31, March 31, ----------------------------------------- -------- ------------------- 1999 2000 2001 2002 2003 2003 2004 -------- -------- -------- -------- -------- -------- -------- Pretax income from continuing operations $ 85,047 $ 99,197 $ 89,706 $100,512 $241,801 $ 38,098 $ 54,490 ======== ======== ======== ======== ======== ======== ======== Fixed charges: Interest expense including amortization of deferred costs and capitalized interest $ 80,063 $ 93,866 $ 93,213 $ 85,336 $101,111 $ 20,879 $ 27,343 Ground Rent 33% $ 176 $ 244 $ 234 $ 252 $ 398 $ 69 $ 114 Preferred Dividends on consolidated subsidiaries $ 5,157 $ 15,301 $ 19,081 $ 18,338 $ 2,236 $ 2,236 $ 0 Proportionate share of fixed charges of 50% owned joint ventures accounted for using equity method of accounting $ - $ - $ - $ - $ - $ - $ - -------- -------- -------- -------- -------- -------- -------- Total fixed charges $ 85,396 $109,411 $112,528 $103,926 $103,745 $ 23,184 $ 27,457 -------- -------- -------- -------- -------- -------- -------- Capitalized interest during the period $(13,400) $(18,200) $(12,927) $ (9,157) $(11,478) $ (1,977) $ (2,409) Preferred Dividends on consolidated subsidiaries $ (5,157) $(15,301) $(19,081) $(18,338) $ (2,236) $ (2,236) $ 0 Amortization of capitalized interest during the period $ 1,272 $ 1,879 $ 2,310 $ 2,616 $ 2,999 $ 720 $ 830 Majority-owned subsidiary adjustments $ 11,809 $ 19,593 $ 21,502 $ 21,570 $ 5,365 $ 3,064 $ 1,145 Equity Company Adjustments $(24,713) $(23,296) $(18,560) $(32,769) $(52,917) $(10,099) $(18,221) Equity Company Adjustments Distributed Income $ 24,713 $ 23,296 $ 18,560 $ 32,769 $ 52,917 $ 10,099 $ 11,041 -------- -------- -------- -------- -------- -------- -------- Earnings before income taxes and fixed charges $164,967 $196,579 $194,038 $201,129 $340,196 $ 60,853 $ 74,333 ======== ======== ======== ======== ======== ======== ======== Ratio of earnings to fixed charges 1.93 1.80 1.72 1.94 3.28 $ 2.62 $ 2.71 ======== ======== ======== ======== ======== ======== ========