EX-12.1 6 hiw12312012ex121.htm RATIO OF EARNINGS FOR THE COMPANY HIW 12.31.2012 EX.12.1

Exhibit 12.1

HIGHWOODS PROPERTIES, INC.
RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS


 
 
 
 
 
2012
 
2011
 
2010
 
2009
 
2008
Earnings:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before equity in earnings of unconsolidated affiliates
 
$
45,683

 
$
34,128

 
$
60,271

 
$
34,639

 
$
25,900

Fixed charges
 
98,647

 
97,535

 
95,894

 
92,589

 
107,999

Capitalized interest
 
(1,031
)
 
(589
)
 
(1,419
)
 
(4,555
)
 
(8,312
)
Distributions of earnings from unconsolidated affiliates
 
4,618

 
5,029

 
4,433

 
4,180

 
5,994

Total earnings
 
$
147,917

 
$
136,103

 
$
159,179

 
$
126,853

 
$
131,581

 
 
 
 
 
 
 
 
 
 
 
Fixed charges and Preferred Stock dividends:
 
 
 
 
 
 
 
 
 
 
Contractual interest expense
 
$
92,838

 
$
91,458

 
$
87,409

 
$
81,703

 
$
92,682

Amortization of deferred financing costs
 
3,685

 
3,312

 
3,385

 
2,760

 
2,716

Financing obligations interest expense
 
(409
)
 
740

 
2,157

 
1,963

 
2,822

Capitalized interest
 
1,031

 
589

 
1,419

 
4,555

 
8,312

Interest component of rental expense
 
1,502

 
1,436

 
1,524

 
1,608

 
1,467

Total fixed charges
 
98,647

 
97,535

 
95,894

 
92,589

 
107,999

Preferred Stock dividends
 
2,508

 
4,553

 
6,708

 
6,708

 
9,804

Total fixed charges and Preferred Stock dividends
 
$
101,155

 
$
102,088

 
$
102,602

 
$
99,297

 
$
117,803

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.50

 
1.40

 
1.66

 
1.37

 
1.22

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and Preferred Stock dividends
 
1.46

 
1.33

 
1.55

 
1.28

 
1.12