Exhibit 12.1
| Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | ||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||
| (In thousands, except ratio computation) | ||||||||||||||
| Pretax gain from continuing operations before adjustment for noncontrolling interest | $6,265 | $4,787 | $10,162 | $13,736 | ||||||||||
| Add back: | ||||||||||||||
| Fixed charges | 9,770 | 8,663 | 26,763 | 23,303 | ||||||||||
| Distributed income of equity investees | 406 | 400 | 1,759 | 3,885 | ||||||||||
| Equity in loss of equity investees | — | — | 336 | 5,027 | ||||||||||
| Deduct: | ||||||||||||||
| Equity in earnings of equity investees | (455 | ) | (387 | ) | — | — | ||||||||
| Capitalized interest | (722 | ) | (313 | ) | (1,606 | ) | (770 | ) | ||||||
| Earnings as Defined | $15,264 | $13,150 | $37,414 | $45,181 | ||||||||||
| Fixed Charges | ||||||||||||||
| Interest expense including amortization of deferred financing fees | $8,987 | $8,297 | $24,991 | $22,353 | ||||||||||
| Capitalized interest | 722 | 313 | 1,606 | 770 | ||||||||||
| Interest portion of rent expense | 61 | 53 | 166 | 180 | ||||||||||
| Fixed Charges | 9,770 | 8,663 | 26,763 | 23,303 | ||||||||||
| Preferred share dividends | 1,813 | 1,813 | 5,438 | 5,438 | ||||||||||
| Combined Fixed Charges and Preferred Dividends | $11,583 | $10,476 | $32,201 | $28,741 | ||||||||||
| Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | 1.32 | 1.26 | 1.16 | 1.57 | ||||||||||