Exhibit 12.1 | ||||||||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||
(in thousands, except ratio computation) | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Pretax income (loss) from continuing operations before adjustment for noncontrolling interest | $ | 74,611 | $ | 58,984 | $ | 48,479 | $ | (4,192 | ) | $ | 17,431 | |||||||||
Adjustments: | ||||||||||||||||||||
Equity in (income) loss of unconsolidated joint ventures | (6,493 | ) | (10,990 | ) | (1,648 | ) | (542 | ) | (4,829 | ) | ||||||||||
Fixed charges | 60,077 | 71,396 | 74,235 | 80,394 | 89,929 | |||||||||||||||
Distributed income of equity investees | 3,427 | 3,121 | 53 | 3,337 | 1,465 | |||||||||||||||
Capitalized interest | (4,755 | ) | (4,969 | ) | (2,863 | ) | (4,742 | ) | (2,273 | ) | ||||||||||
Earnings as defined | $ | 126,867 | $ | 117,542 | $ | 118,256 | $ | 74,255 | $ | 101,723 | ||||||||||
Fixed charges | ||||||||||||||||||||
Interest expense | $ | 54,271 | $ | 66,431 | $ | 71,429 | $ | 75,794 | $ | 84,246 | ||||||||||
Capitalized interest | 4,755 | 4,969 | 2,863 | 4,742 | 2,273 | |||||||||||||||
Amortization of deferred financing fees and premium/discount on notes payable, net | 1,051 | (4 | ) | (57 | ) | (142 | ) | 3,410 | ||||||||||||
Fixed charges | $ | 60,077 | $ | 71,396 | $ | 74,235 | $ | 80,394 | $ | 89,929 | ||||||||||
Ratio of earning to fixed charges | 2.11 | 1.65 | 1.59 | * | 1.13 |
* Earnings for the year ended December 31, 2012 were insufficient to cover combined fixed charges by approximately $6.1 million. Other than the year ended December 31, 2012, there are no periods in which earnings were insufficient to cover combined fixed charges.