Exhibit 12.1
Ratio of Earnings to Fixed Charges
For Period Ended September 30, 2010
(in thousands, except ratio computation)
For Period Ended September 30, 2010
(in thousands, except ratio computation)
September 30, | Year ended December 31, | |||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Pretax income from continuing operations before adjustment for noncontrolling interest | $ | 11,484 | $ | 68,299 | $ | 35,070 | $ | 48,302 | $ | 53,586 | $ | 58,943 | ||||||||||||
Adjustments | ||||||||||||||||||||||||
Equity in loss in unconsolidated joint ventures | (147 | ) | 88 | (108 | ) | — | (1,853 | ) | — | |||||||||||||||
Fixed charges | 61,406 | 76,400 | 65,414 | 71,986 | 62,846 | 56,849 | ||||||||||||||||||
Distributed income of equity investees | 63 | 371 | 170 | — | 3,308 | (12 | ) | |||||||||||||||||
Capitalized interest | (1,668 | ) | (1,430 | ) | (2,934 | ) | (3,194 | ) | (5,820 | ) | (3,354 | ) | ||||||||||||
Earnings as Defined | $ | 71,138 | $ | 143,728 | $ | 97,612 | $ | 117,094 | $ | 112,067 | $ | 112,426 | ||||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expense | $ | 56,197 | $ | 71,229 | $ | 62,752 | $ | 69,209 | $ | 58,812 | $ | 57,142 | ||||||||||||
Capitalized interest | 1,668 | 1,430 | 2,934 | 3,194 | 5,820 | 3,354 | ||||||||||||||||||
Amortization of debt premiums | 2,162 | 2,221 | (1,901 | ) | (2,101 | ) | (3,289 | ) | (5,159 | ) | ||||||||||||||
Amortization of loan fees | 1,379 | 1,520 | 1,629 | 1,684 | 1,503 | 1,512 | ||||||||||||||||||
Fixed Charges | $ | 61,406 | $ | 76,400 | $ | 65,414 | $ | 71,986 | $ | 62,846 | $ | 56,849 | ||||||||||||
Ratio of earning to Fixed Charges | 1.16 | 1.88 | 1.49 | 1.63 | 1.78 | 1.98 | ||||||||||||||||||