Exhibit 12.1
Ratio of Earnings to Fixed Charges
(in thousands, except ratio computation)
Six Months Ended | Year Ended December 31, | |||||||||||||||||||||||
June 30, 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
Pretax income from continuing operations before adjustment for noncontrolling interest | $ | 15,827 | $ | 25,382 | $ | 8,203 | $ | 61,824 | $ | 28,015 | $ | 34,801 | ||||||||||||
Adjustments: | ||||||||||||||||||||||||
Equity in loss (income) of unconsolidated joint ventures | 340 | (4,829 | ) | 116 | 88 | (108 | ) | — | ||||||||||||||||
Fixed charges | 39,245 | 89,929 | 82,090 | 76,400 | 65,413 | 71,985 | ||||||||||||||||||
Distributed income of equity investees | 1,697 | 1,465 | 346 | 371 | 171 | — | ||||||||||||||||||
Capitalized interest | (2,495 | ) | (2,273 | ) | (2,244 | ) | (1,430 | ) | (2,934 | ) | (3,194 | ) | ||||||||||||
Earnings as defined | $ | 54,614 | $ | 109,674 | $ | 88,511 | $ | 137,253 | $ | 90,557 | $ | 103,592 | ||||||||||||
Fixed charges | ||||||||||||||||||||||||
Interest expense | $ | 37,122 | $ | 84,246 | $ | 75,104 | $ | 71,229 | $ | 62,752 | $ | 69,209 | ||||||||||||
Capitalized interest | 2,495 | 2,273 | 2,244 | 1,430 | 2,934 | 3,194 | ||||||||||||||||||
(Accretion) amortization of debt (premiums) discounts, net | (1,583 | ) | 1,178 | 2,818 | 2,221 | (1,902 | ) | (2,102 | ) | |||||||||||||||
Amortization of loan fees | 1,211 | 2,232 | 1,924 | 1,520 | 1,629 | 1,684 | ||||||||||||||||||
Fixed charges | $ | 39,245 | $ | 89,929 | $ | 82,090 | $ | 76,400 | $ | 65,413 | $ | 71,985 | ||||||||||||
Ratio of earning to fixed charges | 1.39 | 1.22 | 1.08 | 1.80 | 1.38 | 1.44 |