Exhibit 12.1
Ratio of Earnings to Fixed Charges
(in thousands, except ratio computation)
Year Ended December 31, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Pretax income from continuing operations before adjustment for noncontrolling interest | $ | 23,207 | $ | 8,282 | $ | 62,443 | $ | 29,630 | $ | 37,040 | ||||||||||
Adjustments | ||||||||||||||||||||
Equity in (income) loss in unconsolidated joint ventures | (4,829 | ) | 116 | 88 | (108 | ) | — | |||||||||||||
Fixed Charges | 89,929 | 82,090 | 76,400 | 65,413 | 71,985 | |||||||||||||||
Distributed income of equity investees | 1,465 | 346 | 371 | 171 | — | |||||||||||||||
Capitalized interest | (2,273 | ) | (2,244 | ) | (1,430 | ) | (2,934 | ) | (3,194 | ) | ||||||||||
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Earnings as Defined | $ | 107,499 | $ | 88,590 | $ | 137,872 | $ | 92,172 | $ | 105,831 | ||||||||||
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Fixed Charges | ||||||||||||||||||||
Interest expense | $ | 84,246 | $ | 75,104 | $ | 71,229 | $ | 62,752 | $ | 69,209 | ||||||||||
Capitalized interest | 2,273 | 2,244 | 1,430 | 2,934 | 3,194 | |||||||||||||||
Amortization (accretion) of debt discounts (premiums), net | 1,178 | 2,818 | 2,221 | (1,902 | ) | (2,102 | ) | |||||||||||||
Amortization of loan fees | 2,232 | 1,924 | 1,520 | 1,629 | 1,684 | |||||||||||||||
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Fixed Charges | $ | 89,929 | $ | 82,090 | $ | 76,400 | $ | 65,413 | $ | 71,985 | ||||||||||
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Ratio of earning to Fixed Charges | 1.20 | 1.08 | 1.80 | 1.41 | 1.47 | |||||||||||||||
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