Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
| Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
| (DOLLARS IN THOUSANDS) | ||||||||||||||||||||||||||||
| 2012 | 2011 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||||
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Earnings: | ||||||||||||||||||||||||||||
Net income (loss) attributable to the Company | $ | 14,024 | $ | 1,490 | $ | 164,384 | $ | 153,902 | $ | (3,595 | ) | $ | 84,883 | $ | 257,832 | |||||||||||||
Provision for income taxes | 4,824 | 533 | 56,387 | 49,038 | 5,677 | 28,743 | 87,595 | |||||||||||||||||||||
Equity in (earnings) losses from real estate ventures | (11,848 | ) | 1,971 | (6,385 | ) | 11,379 | 58,867 | 5,462 | (12,216 | ) | ||||||||||||||||||
Operating distributions from real estate ventures | 1,312 | — | 593 | 188 | 157 | 1,064 | 11,560 | |||||||||||||||||||||
Fixed charges | 18,431 | 17,666 | 75,237 | 78,549 | 88,598 | 68,908 | 47,103 | |||||||||||||||||||||
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Total Earnings | $ | 26,743 | $ | 21,660 | $ | 290,216 | $ | 293,056 | $ | 149,704 | $ | 189,060 | $ | 391,874 | ||||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 7,383 | $ | 7,963 | $ | 33,756 | $ | 41,723 | $ | 52,005 | $ | 31,933 | $ | 17,783 | ||||||||||||||
Applicable portion of rent expense(1) | 11,048 | 9,703 | 41,481 | 36,826 | 36,593 | 36,975 | 29,320 | |||||||||||||||||||||
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Total Fixed Charges | $ | 18,431 | $ | 17,666 | $ | 75,237 | $ | 78,549 | $ | 88,598 | $ | 68,908 | $ | 47,103 | ||||||||||||||
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Ratio of Earnings to Fixed Charges | 1.45 | 1.23 | 3.86 | 3.73 | 1.69 | 2.74 | 8.32 | |||||||||||||||||||||
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| 1 | Represents one-third of rent expense, which we believe approximates the portion of rent expense that relates to interest. |
