Exhibit 12.1 | ||||||||||||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||
(in thousands, except ratio computation) | ||||||||||||||||||||||||
Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
Pretax income (loss) from continuing operations before adjustment for noncontrolling interest | $ | 56,340 | $ | 74,611 | $ | 58,984 | $ | 48,479 | $ | (4,192 | ) | $ | 17,431 | |||||||||||
Adjustments: | ||||||||||||||||||||||||
Equity in income of unconsolidated joint ventures | (2,109 | ) | (6,493 | ) | (10,990 | ) | (1,648 | ) | (542 | ) | (4,829 | ) | ||||||||||||
Fixed charges | 38,697 | 60,077 | 71,396 | 74,235 | 80,394 | 89,929 | ||||||||||||||||||
Distributed income of equity investees | 2,129 | 3,427 | 3,121 | 53 | 3,337 | 1,465 | ||||||||||||||||||
Capitalized interest | (1,877 | ) | (4,755 | ) | (4,969 | ) | (2,863 | ) | (4,742 | ) | (2,273 | ) | ||||||||||||
Earnings as defined | $ | 93,180 | $ | 126,867 | $ | 117,542 | $ | 118,256 | $ | 74,255 | $ | 101,723 | ||||||||||||
Fixed charges | ||||||||||||||||||||||||
Interest expense | $ | 35,403 | $ | 54,271 | $ | 66,431 | $ | 71,429 | $ | 75,794 | $ | 84,246 | ||||||||||||
Capitalized interest | 1,877 | 4,755 | 4,969 | 2,863 | 4,742 | 2,273 | ||||||||||||||||||
Amortization of deferred financing fees and premium/discount on notes payable, net | 1,417 | 1,051 | (4 | ) | (57 | ) | (142 | ) | 3,410 | |||||||||||||||
Fixed charges | $ | 38,697 | $ | 60,077 | $ | 71,396 | $ | 74,235 | $ | 80,394 | $ | 89,929 | ||||||||||||
Ratio of earning to fixed charges | 2.41 | 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.