EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
(unaudited)
Years Ended December 31, | ||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Pre-tax net income (loss) (1) | $ | 14,645 | $ | 3,652 | $ | 5,886 | $ | 4,377 | $ | 8,162 | $ | (12,109 | ) | |||||||||||
Less: Equity in earnings of unconsolidated joint ventures | ||||||||||||||||||||||||
Plus: Distributions from unconsolidated joint ventures | 7,731 | 7,358 | 7,204 | 6,477 | 4,993 | 7,639 | ||||||||||||||||||
Fixed charges | 51,717 | 56,145 | 54,891 | 61,352 | 59,028 | 61,751 | ||||||||||||||||||
Total adjusted earnings | $ | 65,166 | $ | 60,185 | $ | 61,787 | $ | 65,730 | $ | 66,959 | $ | 52,329 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense (including debt issue costs amortized to interest expense) | $ | 41,684 | $ | 42,727 | $ | 45,791 | $ | 53,783 | $ | 52,798 | $ | 48,398 | ||||||||||||
Adjustments to exclude fair value adjustments of cash flow hedges reclassified from OCI to interest expense | – | – | – | (918 | ) | (1,225 | ) | (917 | ) | |||||||||||||||
Write-off of debt issue costs | – | 4,389 | – | – | – | 7,559 | ||||||||||||||||||
Portion of rent expense representative of the interest factor (2) | 10,033 | 9,029 | 9,100 | 8,487 | 7,455 | 6,711 | ||||||||||||||||||
Total fixed charges | $ | 51,717 | $ | 56,145 | $ | 54,891 | $ | 61,352 | $ | 59,028 | $ | 61,751 | ||||||||||||
Ratio of earnings to fixed charges | 1.26 | 1.07 | 1.13 | 1.07 | 1.13 | – | ||||||||||||||||||
Additional earnings required to have a one-to-one ratio of earnings to fixed charges | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 9,422 |
(1) | Excludes net income attributable to noncontrolling interests |
(2) | Represents 14% of operating lease costs, which approximates the portion that relates to the interest portion based on our estimated incremental borrowing rate |