Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth the ratio of earnings to fixed charges for the periods indicated:
For the three months ending March 31, | ||||||
| 2007 |
|
|
| 2006 |
|
1.6 |
| 2.1 | ||||
For purposes of computing these ratios, earnings have been calculated by adding fixed charges (excluding preferred stock dividends and capitalized interest) to pretax income from continuing operations before adjustment for minority interest in income of consolidated partnership or equity in income of unconsolidated ventures plus distributions from equity investee. Fixed charges consist of interest costs, whether expensed or capitalized, the interest component of rental expense, if any, and amortization of debt discounts and issue costs, whether expensed or capitalized.
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLAR AMOUNTS IN THOUSANDS)
|
| For the three months ending March 31, |
| ||||
|
| 2007 |
| 2006 |
| ||
EARNINGS: |
|
|
|
|
| ||
Pretax income from continuing operations before adjustment for minority interests in income of consolidated partnership or equity in income of unconsolidated ventures |
| $ | 19,050 |
| $ | 28,967 |
|
Interest expense (including amortization of debt discount and issuing costs) |
| 25,245 |
| 22,781 |
| ||
Distributions from equity investee |
| 3,474 |
| 2,101 |
| ||
Interest component of rental expense |
| 224 |
| 172 |
| ||
Total |
| $ | 47,993 |
| $ | 54,021 |
|
|
|
|
|
|
| ||
FIXED CHARGES: |
|
|
|
|
| ||
Interest expense (including amortization of debt discount and issuing costs) |
| $ | 25,245 |
| $ | 22,781 |
|
Capitalized interest |
| 4,562 |
| 2,960 |
| ||
Interest component of rental expense |
| 224 |
| 172 |
| ||
Total |
| $ | 30,031 |
| $ | 25,913 |
|
|
|
|
|
|
| ||
RATIO OF EARNINGS TO FIXED CHARGES |
| 1.6 |
| 2.1 |
| ||