Exhibit 12.1 | |||||||||||||||||||||
COUSINS PROPERTIES INCORPORATED | |||||||||||||||||||||
STATEMENT REGARDING COMPUTATION OF EARNINGS TO COMBINED | |||||||||||||||||||||
FIXED CHARGES AND PREFERRED DIVIDENDS | |||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||
Earnings: | |||||||||||||||||||||
Loss from continuing operations before taxes, unconsolidated joint ventures and sale of investment properties | $ | (12,507 | ) | $ | (118,757 | ) | $ | (44,622 | ) | $ | (90,769 | ) | $ | (9,633 | ) | ||||||
Add: | |||||||||||||||||||||
Distributed income of equity investees | 37,379 | 8,865 | 11,394 | 7,237 | 23,751 | ||||||||||||||||
Amortization of capitalized interest | 1,001 | 1,497 | 2,020 | 2,821 | 1,726 | ||||||||||||||||
Fixed charges | 38,673 | 28,588 | 37,401 | 43,722 | 42,727 | ||||||||||||||||
Subtract: | |||||||||||||||||||||
Capitalized interest | (1,637) | (600) | - | (3,736) | (14,894) | ||||||||||||||||
Preferred Stock Dividends | (12,907) | (12,907) | (12,907) | (12,907) | (14,957) | ||||||||||||||||
Earnings | $ | 50,002 | $ | (93,314 | ) | $ | (6,714 | ) | $ | (53,632 | ) | $ | 28,720 | ||||||||
Fixed charges: | |||||||||||||||||||||
Interest expense | $ | 23,933 | $ | 27,784 | $ | 37,180 | $ | 39,759 | $ | 27,602 | |||||||||||
Capitalized interest | 1,637 | 600 | - | 3,736 | 14,894 | ||||||||||||||||
Interest component of rental expense (30%) | 196 | 204 | 221 | 227 | 231 | ||||||||||||||||
25,766 | 28,588 | 37,401 | 43,722 | 42,727 | |||||||||||||||||
Preferred stock dividends | 12,907 | 12,907 | 12,907 | 12,907 | 14,957 | ||||||||||||||||
Fixed charges | $ | 38,673 | $ | 41,495 | $ | 50,308 | $ | 56,629 | $ | 57,684 | |||||||||||
Ratio of Earnings to Fixed Charges | 1.94 | - | (1) | - | (2) | - | (3) | 0.67 | (4) | ||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | 1.29 | - | (1) | - | (2) | - | (3) | 0.50 | (4) | ||||||||||||
(1) The ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred stock dividends was less than one-to-one for the year ended December 31, 2011. Additional earnings of $121,902 and $134,809 would have been needed to have a one-to-one ratio of earnings to fixed charges and a one-to-one ratio of earnings to combined fixed charges and preferred stock dividends, respectively. | |||||||||||||||||||||
(2) The ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred stock dividends was less than one-to-one for the year ended December 31, 2010. Additional earnings of $44,115 and $57,022 would have been needed to have a one-to-one ratio of earnings to fixed charges and a one-to-one ratio of earnings to combined fixed charges and preferred stock dividends, respectively. | |||||||||||||||||||||
(3) The ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred stock dividends was less than one-to-one for the year ended December 31, 2009. Additional earnings of $97,354 and $110,261 would have been needed to have a one-to-one ratio of earnings to fixed charges and a one-to-one ratio of earnings to combined fixed charges and preferred stock dividends, respectively. | |||||||||||||||||||||
(4) The ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred stock dividends was less than one-to-one for the year ended December 31, 2008. Additional earnings of $14,007 and $28,964 would have been needed to have a one-to-one ratio of earnings to fixed charges and a one-to-one ratio of earnings to combined fixed charges and preferred stock dividends, respectively. |
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S-3ASR Filing
Cousins Properties (CUZ) S-3ASRAutomatic shelf registration
Filed: 29 Mar 13, 12:00am