EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
(in thousands, except ratio computation)
Six months ended | Year ended December 31, | |||||||||||||||||||||||
June 30, 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
Pretax income from continuing operations before adjustment for noncontrolling interest | $ | 69,836 | $ | 17,854 | $ | 68,080 | $ | 34,930 | $ | 48,052 | $ | 53,337 | ||||||||||||
Adjustments | ||||||||||||||||||||||||
Equity in (income) loss in unconsolidated joint ventures | (811 | ) | 116 | 88 | (108 | ) | 0 | (204 | ) | |||||||||||||||
Fixed charges | 45,223 | 82,090 | 76,400 | 65,413 | 71,985 | 62,846 | ||||||||||||||||||
Distributed income of equity investees | 513 | 346 | 371 | 171 | 0 | 3,308 | ||||||||||||||||||
Capitalized interest | (1,028 | ) | (2,244 | ) | (1,430 | ) | (2,934 | ) | (3,194 | ) | (5,820 | ) | ||||||||||||
Earnings as Defined | $ | 113,733 | $ | 98,162 | $ | 143,509 | $ | 97,472 | $ | 116,843 | $ | 113,467 | ||||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expense | $ | 42,424 | $ | 75,104 | $ | 71,229 | $ | 62,752 | $ | 69,209 | $ | 58,812 | ||||||||||||
Capitalized interest | 1,028 | 2,244 | 1,430 | 2,934 | 3,194 | 5,820 | ||||||||||||||||||
Amortization (accretion) of debt discounts (premiums), net | 666 | 2,818 | 2,221 | (1,902 | ) | (2,102 | ) | (3,289 | ) | |||||||||||||||
Amortization of loan fees | 1,105 | 1,924 | 1,520 | 1,629 | 1,684 | 1,503 | ||||||||||||||||||
Fixed Charges | $ | 45,223 | $ | 82,090 | $ | 76,400 | $ | 65,413 | $ | 71,985 | $ | 62,846 | ||||||||||||
Ratio of earning to Fixed Charges | 2.51 | 1.20 | 1.88 | 1.49 | 1.62 | 1.81 | ||||||||||||||||||