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, | |||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||
(In thousands, except ratio computation) | ||||||||||||||
Pretax income before adjustment for noncontrolling interest | $14,001 | $34,635 | $54,265 | $52,145 | ||||||||||
Add back: | ||||||||||||||
Fixed charges | 11,430 | 11,099 | 34,617 | 32,388 | ||||||||||
Distributed income of equity investees | 113 | 509 | 1,685 | 9,583 | ||||||||||
Deduct: | ||||||||||||||
Equity in earnings of equity investees | (119 | ) | (13,977 | ) | (337 | ) | (16,972 | ) | ||||||
Capitalized interest | (238 | ) | (566 | ) | (640 | ) | (1,054 | ) | ||||||
Earnings as Defined | $25,187 | $31,700 | $89,590 | $76,090 | ||||||||||
Fixed Charges | ||||||||||||||
Interest expense including amortization of deferred financing fees | $11,140 | $10,480 | $33,818 | $31,171 | ||||||||||
Capitalized interest | 238 | 566 | 640 | 1,054 | ||||||||||
Interest portion of rent expense | 52 | 53 | 159 | 163 | ||||||||||
Fixed Charges | 11,430 | 11,099 | 34,617 | 32,388 | ||||||||||
Preferred share dividends | 1,675 | 1,675 | 5,026 | 5,162 | ||||||||||
Combined Fixed Charges and Preferred Dividends | $13,105 | $12,774 | $39,643 | $37,550 | ||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | 1.92 | 2.48 | 2.26 | 2.03 | ||||||||||