Exhibit 12.1
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
Pretax income before adjustment for noncontrolling interest | $ | 6,277 | $ | 28,059 | $ | 19,719 | $ | 40,263 | |||||||||
Add back: | |||||||||||||||||
Fixed charges | 11,677 | 11,628 | 22,658 | 23,187 | |||||||||||||
Distributed income of equity investees | 104 | 1,514 | 478 | 1,572 | |||||||||||||
Deduct: | |||||||||||||||||
Equity in earnings of equity investees | (55 | ) | (109 | ) | (141 | ) | (218 | ) | |||||||||
Capitalized interest | (64 | ) | (198 | ) | (118 | ) | (402 | ) | |||||||||
Earnings as Defined | $ | 17,939 | $ | 40,894 | $ | 42,596 | $ | 64,402 | |||||||||
Fixed Charges | |||||||||||||||||
Interest expense including amortization of deferred financing fees | $ | 11,486 | $ | 11,376 | $ | 22,285 | $ | 22,678 | |||||||||
Capitalized interest | 64 | 198 | 118 | 402 | |||||||||||||
Interest portion of rent expense | 127 | 54 | 255 | 107 | |||||||||||||
Fixed Charges | 11,677 | 11,628 | 22,658 | 23,187 | |||||||||||||
Preferred share dividends | 1,675 | 1,675 | 3,350 | 3,350 | |||||||||||||
Combined Fixed Charges and Preferred Dividends | $ | 13,352 | $ | 13,303 | $ | 26,008 | $ | 26,537 | |||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | 1.34 | 3.07 | 1.64 | 2.43 | |||||||||||||