Exhibit 12.1
STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
| For the year ended December 31, | |||||||||||||||
| (dollars in thousands) | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||
Income before net loss on real estate disposals, income taxes, minority interest, discontinued operations and preferred stock dividends and issuance costs | $ | 118,138 | $ | 123,587 | $ | 117,389 | $ | 91,352 | $ | 87,952 | |||||
Interest expense | |||||||||||||||
Senior notes payable and other debt | 201,319 | 134,056 | 98,041 | 60,057 | 55,548 | ||||||||||
United States settlement | — | — | — | — | 4,943 | ||||||||||
Earnings | $ | 319,457 | $ | 257,643 | $ | 215,430 | $ | 151,409 | $ | 148,443 | |||||
Interest expense | |||||||||||||||
Senior notes payable and other debt | $ | 201,319 | $ | 134,056 | $ | 98,041 | $ | 60,057 | $ | 55,548 | |||||
United States settlement | — | — | — | — | 4,943 | ||||||||||
Fixed charges | $ | 201,319 | $ | 134,056 | $ | 98,041 | $ | 60,057 | $ | 60,491 | |||||
Ratio of Earnings to Fixed Charges | 1.59 | 1.92 | 2.20 | 2.52 | 2.45 | ||||||||||
