EX-12.1 4 g66571ex12-1.txt COMPUTATION OF RATIO 1 EXHIBIT 12.1 POST APARTMENT HOMES, L.P. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended September Year Ended December 31, -------------------- ---------------------------------------------------------------- 2000 1999 1999 1998 1997 1996 1995 -------- -------- -------- -------- -------- ------- ------- Pre-tax income (loss) from continuing operations $ 98,003 $ 88,318 $119,424(1) $100,461 $ 66,078(1) $53,453(1) $38,417(1) Fixed Charges: Interest incurred and amortization of debt discount and premium on all indebtedness 55,742 39,898 56,105 48,189 35,205 27,916 29,714 Rentals - 33.34%(2) 2,106 1,799 2,385 2,220 1,686 939 405 -------- -------- -------- -------- -------- ------- ------- Total fixed charges 57,848 41,697 58,490 50,409 36,891 28,855 30,119 -------- -------- -------- -------- -------- ------- ------- Earnings before income taxes, minority interest and fixed charges 155,851 130,015 177,914 150,870 102,969 82,308 68,536 Adjustment for capitalized interest (18,992) (14,710) (21,417) (15,707) (9,567) (4,443) (5,653) -------- -------- -------- -------- -------- ------- ------- Total earnings $136,859 $115,305 $156,497 $135,163 $ 93,403 $77,865 $62,883 ======== ======== ======== ======== ======== ======= ======= RATIO OF EARNINGS TO FIXED CHARGES 2.4 2.8 2.7 2.7 2.5 2.7 2.1 ======== ======== ======== ======== ======== ======= =======
(1) Included in the pre-tax income from continuing operations for 1999, 1997, 1996 and 1995 was a non-recurring (loss)/gain of ($1,522), $3,270, $854 and $1,746, respectively, relating to the sale of real estate assets as disclosed in the Company's consolidated financial statements. If such sales had not occurred, the ratio of earnings to fixed charges would have been 2.7, 2.4, 2.7 and 2.0 for 1999, 1997, 1996 and 1995, respectively. (2) The interest factor of rental expense is calculated as one-third of rental expense for all leases except for two leases for which the interest factor is calculated as 100% of rental expense. The Company believes these represent appropriate interest factors.