Exhibit 12.1
Ratio of Earnings to Fixed Charges
For Period Ended December 31, 2008
(in thousands, except ratio computation)
For Period Ended December 31, 2008
(in thousands, except ratio computation)
| Year Ended December 31, | ||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
| Income From Continuing Operations | $ | 36,448 | $ | 49,791 | $ | 50,444 | $ | 48,297 | $ | 27,151 | ||||||||||
| Adjustments | ||||||||||||||||||||
| Minority interest | 112 | 112 | 206 | 188 | 689 | |||||||||||||||
| Equity in income in unconsolidated joint ventures | (108 | ) | — | (1,853 | ) | — | — | |||||||||||||
| Fixed Charges | 67,315 | 73,494 | 64,267 | 56,852 | 50,126 | |||||||||||||||
| Distributed income of equity investees | — | — | 3,308 | (12 | ) | 3,119 | ||||||||||||||
| Capitalized interest | (2,933 | ) | (3,194 | ) | (5,820 | ) | (3,354 | ) | (3,204 | ) | ||||||||||
Earnings as Defined | $ | 100,834 | $ | 120,203 | $ | 110,552 | $ | 101,971 | $ | 77,881 | ||||||||||
| Fixed Charges | ||||||||||||||||||||
| Interest expense | $ | 60,851 | $ | 66,520 | $ | 53,732 | $ | 47,050 | $ | 40,722 | ||||||||||
| Capitalized interest | 2,933 | 3,194 | 5,820 | 3,354 | 3,204 | |||||||||||||||
| Amortization of debt premiums / discounts | 1,902 | 2,102 | 3,231 | 4,999 | 4,871 | |||||||||||||||
| Amortization of loan fees | 1,629 | 1,678 | 1,484 | 1,449 | 1,329 | |||||||||||||||
Fixed Charges | $ | 67,315 | $ | 73,494 | $ | 64,267 | $ | 56,852 | $ | 50,126 | ||||||||||
Ratio of earning to Fixed Charges | 1.50 | 1.64 | 1.72 | 1.79 | 1.55 | |||||||||||||||