Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands)
| | The Company | The Company and the Predecessor | | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | The Predecessor | |||||||||||||||||||
| | | Year ended December 31, | ||||||||||||||||||
| | Six months ended June 30, 2008 | Year ended December 31, 2004 | Year ended December 31, 2003 | |||||||||||||||||
| | 2007 | 2006 | 2005 | |||||||||||||||||
Net income | $ | 15,601 | $ | 36,094 | $ | 14,876 | $ | (4,966 | ) | $ | (18,462 | ) | $ | (17,946 | ) | |||||
Minority interest—Operating Partnership | 1,127 | 2,508 | 985 | (434 | ) | (113 | ) | — | ||||||||||||
Minority interest—Other | (256 | ) | (281 | ) | — | — | — | — | ||||||||||||
Minority interest—Fidelity | — | — | — | — | 3,136 | 4,132 | ||||||||||||||
Distribution from real estate ventures in excess of earnings | 2,400 | 3,946 | 5,559 | 6,356 | 493 | 802 | ||||||||||||||
Fixed charges less capitalized interest | 32,514 | 61,410 | 51,309 | 42,706 | 28,615 | 18,867 | ||||||||||||||
Current period amortization of interest capitalized in prior periods | 152 | 192 | 109 | 98 | 66 | 50 | ||||||||||||||
Earnings for ratio | $ | 51,538 | $ | 103,869 | $ | 72,838 | $ | 43,760 | $ | 13,735 | $ | 5,905 | ||||||||
Fixed charges: | ||||||||||||||||||||
Interest(1) | $ | 32,316 | $ | 61,015 | $ | 50,953 | $ | 42,549 | $ | 28,491 | $ | 18,746 | ||||||||
Capitalized interest | 2,719 | 4,380 | 3,232 | 459 | 1,213 | 2,593 | ||||||||||||||
Estimated interest component of rent | 198 | 395 | 356 | 157 | 124 | 121 | ||||||||||||||
Total fixed charges | $ | 35,233 | $ | 65,790 | $ | 54,541 | $ | 43,165 | $ | 29,828 | $ | 21,460 | ||||||||
Ratio of earnings to fixed charges | 1.46 | 1.58 | 1.34 | 1.01 | * | * | ||||||||||||||
Dollar value of deficiency | — | — | — | — | $ | (16,093 | ) | $ | (15,555 | ) | ||||||||||
