Exhibit 12.1
CATCHMARK TIMBER TRUST, INC.
STATEMENT OF RATIO OF EARNINGS TO FIXED CHARGES AND
TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
The following table sets forth ratios of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividends for each of the five years in the periods ended December 31, 2013 and for the three months ended March 31, 2014 (dollar amounts in thousands):
Three Months Ended March 31, 2014 |
For the Years Ended December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Calculation of earnings | ||||||||||||||||||||||||
Net loss | $ | (388 | ) | $ | (13,197 | ) | $ | (8,871 | ) | $ | (11,945 | ) | $ | (15,810 | ) | $ | (19,948 | ) | ||||||
Fixed charges (see below) | 468 | 4,790 | 6,133 | 6,590 | 12,920 | 15,635 | ||||||||||||||||||
Total—earnings (loss) before fixed charges | 80 | (8,407 | ) | (2,738 | ) | (5,355 | ) | (2,890 | ) | (4,313 | ) | |||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | 452 | 4,717 | 6,020 | 6,407 | 12,737 | 15,438 | ||||||||||||||||||
Imputed interest from land rent expense | 16 | 73 | 113 | 183 | 183 | 197 | ||||||||||||||||||
Total fixed charges | 468 | 4,790 | 6,133 | 6,590 | 12,920 | 15,635 | ||||||||||||||||||
Ratio of earnings (loss) to fixed charges | 0.17 | (1.76 | ) | (0.45 | ) | (0.81 | ) | (0.22 | ) | (0.28 | ) | |||||||||||||
Deficiency | $ | (388 | ) | $ | (13,197 | ) | $ | (8,871 | ) | $ | (11,945 | ) | $ | (15,810 | ) | $ | (19,948 | ) | ||||||
Preferred stock dividends | — | 360 | 374 | 1,557 | 3,708 | 3,640 | ||||||||||||||||||
Ratio of earnings (loss) to combined fixed charges and preferred stock dividends | 0.17 | (1.63 | ) | (0.42 | ) | (0.66 | ) | (0.17 | ) | (0.22 | ) | |||||||||||||
Deficiency | $ | (388 | ) | $ | (13,557 | ) | $ | (9,245 | ) | $ | (13,502 | ) | $ | (19,518 | ) | $ | (23,588 | ) |