EXHIBIT 12.1
Equity One, Inc.
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Fixed Charges
| Six Months | ||||||||||||||||||||||||
| Ended | Year Ended December 31, | |||||||||||||||||||||||
| June 30, 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||||||
| Income from Continuing Operations | $ | 31,496 | $ | 56,852 | $ | 60,107 | $ | 49,442 | $ | 35,402 | $ | 11,800 | ||||||||||||
| Adjustments: | ||||||||||||||||||||||||
| Minority interest | 56 | 206 | 188 | 576 | 756 | 101 | ||||||||||||||||||
| Equity in (income)/loss of unconsolidated joint ventures | — | (1,650 | ) | — | — | — | — | |||||||||||||||||
| Fixed charges | 36,598 | 65,057 | 57,762 | 50,983 | 40,974 | 19,098 | ||||||||||||||||||
| Distributed income of equity investees | — | 3,308 | (12 | ) | 3,119 | 7,654 | 871 | |||||||||||||||||
| Capitalized interest | (1,809 | ) | (5,820 | ) | (3,354 | ) | (3,204 | ) | (3,822 | ) | (2,375 | ) | ||||||||||||
Earnings, as defined | $ | 66,341 | $ | 117,953 | $ | 114,691 | $ | 100,916 | $ | 80,964 | $ | 29,495 | ||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||
| Interest expense | $ | 32,980 | $ | 54,458 | $ | 47,795 | $ | 41,486 | $ | 32,666 | $ | 16,101 | ||||||||||||
| Capitalized interest | 1,809 | 5,820 | 3,354 | 3,204 | 3,822 | 2,375 | ||||||||||||||||||
| Amortization of debt premiums/discounts | 997 | 3,289 | 5,159 | 4,958 | 3,584 | — | ||||||||||||||||||
| Amortization of loan fees | 812 | 1,490 | 1,454 | 1,335 | 902 | 622 | ||||||||||||||||||
Fixed Charges | $ | 36,598 | $ | 65,057 | $ | 57,762 | $ | 50,983 | $ | 40,974 | $ | 19,098 | ||||||||||||
Ratio of earnings to fixed charges | 1.81 | 1.81 | 1.99 | 1.98 | 1.98 | 1.54 | ||||||||||||||||||