Exhibit 12.1 | ||||||||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||
(in thousands, except ratio computation) | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Pretax income (loss) from continuing operations before adjustment for noncontrolling interest | $ | 58,984 | $ | 48,479 | $ | (4,192 | ) | $ | 17,431 | $ | (3,928 | ) | ||||||||
Adjustments: | ||||||||||||||||||||
Equity in (income) loss of unconsolidated joint ventures | (10,990 | ) | (1,648 | ) | (542 | ) | (4,829 | ) | 116 | |||||||||||
Fixed charges | 71,306 | 74,235 | 80,394 | 89,929 | 82,090 | |||||||||||||||
Distributed income of equity investees | 3,121 | 53 | 3,337 | 1,465 | 346 | |||||||||||||||
Capitalized interest | (4,969 | ) | (2,863 | ) | (4,742 | ) | (2,273 | ) | (2,244 | ) | ||||||||||
Earnings as defined | $ | 117,452 | $ | 118,256 | $ | 74,255 | $ | 101,723 | $ | 76,380 | ||||||||||
Fixed charges | ||||||||||||||||||||
Interest expense | $ | 66,341 | $ | 71,429 | $ | 75,794 | $ | 84,246 | $ | 75,104 | ||||||||||
Capitalized interest | 4,969 | 2,863 | 4,742 | 2,273 | 2,244 | |||||||||||||||
(Accretion) amortization of debt (premiums) discounts, net | (2,400 | ) | (2,478 | ) | (2,627 | ) | 1,178 | 2,818 | ||||||||||||
Amortization of loan fees | 2,396 | 2,421 | 2,485 | 2,232 | 1,924 | |||||||||||||||
Fixed charges | $ | 71,306 | $ | 74,235 | $ | 80,394 | $ | 89,929 | $ | 82,090 | ||||||||||
Ratio of earning to fixed charges | 1.65 | 1.59 | * | 1.13 | * |
* Earnings for the years ended December 31, 2012 and 2010 were insufficient to cover combined fixed charges by approximately $6.1 million and $5.7 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.