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, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
Pretax income before adjustment for noncontrolling interest | $ | 29,694 | $ | 14,001 | $ | 49,414 | $ | 54,265 | |||||||||
Add back: | |||||||||||||||||
Fixed charges | 11,641 | 11,430 | 34,171 | 34,617 | |||||||||||||
Distributed income of equity investees | 135 | 113 | 613 | 1,685 | |||||||||||||
Deduct: | |||||||||||||||||
Equity in earnings of equity investees | (81 | ) | (119 | ) | (223 | ) | (337 | ) | |||||||||
Capitalized interest | (75 | ) | (238 | ) | (193 | ) | (640 | ) | |||||||||
Earnings as Defined | $ | 41,314 | $ | 25,187 | $ | 83,782 | $ | 89,590 | |||||||||
Fixed Charges | |||||||||||||||||
Interest expense including amortization of deferred financing fees | $ | 11,586 | $ | 11,140 | $ | 33,871 | $ | 33,818 | |||||||||
Capitalized interest | 75 | 238 | 193 | 640 | |||||||||||||
Interest portion of rent expense | 125 | 52 | 252 | 159 | |||||||||||||
Fixed Charges | 11,786 | 11,430 | 34,316 | 34,617 | |||||||||||||
Preferred share dividends | 1,675 | 1,675 | 5,026 | 5,026 | |||||||||||||
Combined Fixed Charges and Preferred Dividends | $ | 13,461 | $ | 13,105 | $ | 39,342 | $ | 39,643 | |||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | 3.07 | 1.92 | 2.13 | 2.26 | |||||||||||||