Exhibit 12.1
Ratio of Earnings to Fixed Charges
(in thousands, except ratio computation)
| Six Months Ended | Year Ended December 31, | |||||||||||||||||||||||
| June 30, 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
Pretax income (loss) from continuing operations before adjustment for noncontrolling interest | $ | 25,457 | $ | (2,081 | ) | $ | 19,301 | $ | (1,341 | ) | $ | 23,867 | $ | 17,321 | ||||||||||
| Adjustments: | ||||||||||||||||||||||||
Equity in (income) loss of unconsolidated joint ventures | (1,050 | ) | (542 | ) | (4,829 | ) | 116 | 88 | (108 | ) | ||||||||||||||
| Fixed charges | 38,859 | 80,394 | 89,929 | 82,090 | 76,400 | 65,413 | ||||||||||||||||||
| Distributed income of equity investees | 1,706 | 3,337 | 1,465 | 346 | 371 | 171 | ||||||||||||||||||
| Capitalized interest | (1,646 | ) | (4,742 | ) | (2,273 | ) | (2,244 | ) | (1,430 | ) | (2,934 | ) | ||||||||||||
| Earnings as defined | $ | 63,326 | $ | 76,366 | $ | 103,593 | $ | 78,967 | $ | 99,296 | $ | 79,863 | ||||||||||||
| Fixed charges | ||||||||||||||||||||||||
| Interest expense | $ | 37,335 | $ | 75,794 | $ | 84,246 | $ | 75,104 | $ | 71,229 | $ | 62,752 | ||||||||||||
| Capitalized interest | 1,646 | 4,742 | 2,273 | 2,244 | 1,430 | 2,934 | ||||||||||||||||||
(Accretion) amortization of debt (premiums) discounts, net | (1,331 | ) | (2,627 | ) | 1,178 | 2,818 | 2,221 | (1,902 | ) | |||||||||||||||
| Amortization of loan fees | 1,209 | 2,485 | 2,232 | 1,924 | 1,520 | 1,629 | ||||||||||||||||||
| Fixed charges | $ | 38,859 | $ | 80,394 | $ | 89,929 | $ | 82,090 | $ | 76,400 | $ | 65,413 | ||||||||||||
| Ratio of earning to fixed charges | 1.63 | * | 1.15 | * | 1.30 | 1.22 | ||||||||||||||||||
* Earnings for the years ended December 31, 2012 and 2010 were insufficient to cover combined fixed charges by approximately $4.0 million and $3.1 million, respectively. Other than the years ended December 31, 2012 and 2010, there are no periods in which earnings were insufficient to cover combined fixed charges.