Exhibit 12.1
Kennedy-Wilson Holdings, Inc.
Statement of Computation of Earnings to Combined Fixed Charges and Preferred Dividends
Three Months Ended March 31, 2011 | Year Ended December 31, | |||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Pre-tax income from continuing operations before adjustment for income or loss from equity investees: | ||||||||||||||||||||||||
- Income (loss) before (provision for) benefit from income taxes | 2,741,000 | 10,212,000 | (13,618,000 | ) | 1,272,000 | 13,421,000 | 11,104,000 | |||||||||||||||||
- Equity in earnings from real estate ventures | (5,256,000 | ) | (10,548,000 | ) | (8,019,000 | ) | (10,097,000 | ) | (27,433,000 | ) | (14,689,000 | ) | ||||||||||||
(2,515,000 | ) | (336,000 | ) | (21,637,000 | ) | (8,825,000 | ) | (14,012,000 | ) | (3,585,000 | ) | |||||||||||||
Adjustments: | ||||||||||||||||||||||||
Fixed charges | 2,103,000 | 9,412,000 | 14,751,000 | 10,781,000 | 6,400,000 | 4,424,000 | ||||||||||||||||||
Distributions from equity investees - operating | 104,000 | 5,931,000 | 514,000 | 294,000 | 885,000 | 45,000 | ||||||||||||||||||
Interest capitalized | (330,000 | ) | (790,000 | ) | 0 | (999,000 | ) | (519,000 | ) | (509,000 | ) | |||||||||||||
Total earnings | (638,000 | ) | 14,217,000 | (6,372,000 | ) | 1,251,000 | (7,246,000 | ) | 375,000 | |||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest | ||||||||||||||||||||||||
- Expensed | 1,529,000 | 7,634,000 | 13,174,000 | 8,596,000 | 5,090,000 | 3,183,000 | ||||||||||||||||||
- Capitalized | 330,000 | 790,000 | 0 | 999,000 | 519,000 | 509,000 | ||||||||||||||||||
Amortization related to indebtedness | 71,000 | 262,000 | 917,000 | 658,000 | 296,000 | 237,000 | ||||||||||||||||||
Estimated interest within rental expense | 173,000 | 726,000 | 660,000 | 528,000 | 495,000 | 495,000 | ||||||||||||||||||
Total fixed charges | 2,103,000 | 9,412,000 | 14,751,000 | 10,781,000 | 6,400,000 | 4,424,000 | ||||||||||||||||||
Preferred stock dividends | 2,036,000 | 4,558,000 | — | — | — | — | ||||||||||||||||||
Total combined fixed charges and preferred stock dividends | 4,139,000 | 13,970,000 | 14,751,000 | 10,781,000 | 6,400,000 | 4,424,000 | ||||||||||||||||||
Ratio of earnings to fixed charges | N/A | 1.51 | N/A | N/A | N/A | N/A | ||||||||||||||||||
Amount of deficiency | 2,741,000 | 21,123,000 | 9,530,000 | 13,646,000 | 4,049,000 | |||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | N/A | 1.02 | — | — | — | — | ||||||||||||||||||
Amount of deficiency | 4,777,000 | |||||||||||||||||||||||