Exhibit 12.1
Ratio of Earnings to Fixed Charges
(in thousands, except ratio computation)
(in thousands, except ratio computation)
Year Ended December 31, | ||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
Pretax income from continuing operations before adjustment for noncontrolling interest | $ | 18,245 | $ | 68,222 | $ | 34,998 | $ | 48,229 | $ | 53,513 | ||||||||||
Adjustments | ||||||||||||||||||||
Equity in income in unconsolidated joint ventures | 116 | 88 | (108 | ) | — | (204 | ) | |||||||||||||
Fixed Charges | 82,090 | 76,400 | 65,413 | 71,985 | 62,846 | |||||||||||||||
Distributed income of equity investees | 346 | 371 | 171 | — | 3,308 | |||||||||||||||
Capitalized interest | (2,244 | ) | (1,430 | ) | (2,934 | ) | (3,194 | ) | (5,820 | ) | ||||||||||
Earnings as Defined | $ | 98,553 | $ | 143,651 | $ | 97,540 | $ | 117,020 | $ | 113,643 | ||||||||||
Fixed Charges | ||||||||||||||||||||
Interest expense | $ | 75,104 | $ | 71,229 | $ | 62,752 | $ | 69,209 | $ | 58,812 | ||||||||||
Capitalized interest | 2,244 | 1,430 | 2,934 | 3,194 | 5,820 | |||||||||||||||
Amortization (accretion) of debt discounts (premiums), net | 2,818 | 2,221 | (1,902 | ) | (2,102 | ) | (3,289 | ) | ||||||||||||
Amortization of loan fees | 1,924 | 1,520 | 1,629 | 1,684 | 1,503 | |||||||||||||||
Fixed Charges | $ | 82,090 | $ | 76,400 | $ | 65,413 | $ | 71,985 | $ | 62,846 | ||||||||||
Ratio of earning to Fixed Charges | 1.20 | 1.88 | 1.49 | 1.63 | 1.81 | |||||||||||||||
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