Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges | ||||||||
For Period Ended September 30, 2010 and 2009 | ||||||||
(in thousands, except ratio computation) | ||||||||
Nine months ended | ||||||||
September 30, | ||||||||
2010 | 2009 | |||||||
Pretax income from continuing operations before adjustment for noncontrolling interest (a) | $ | (30,536 | ) | $ | 12,085 | |||
Add back: | ||||||||
Fixed Charges | 27,504 | 25,324 | ||||||
Distributed income of equity investees | 1,859 | 3,131 | ||||||
Deduct: | ||||||||
Equity in (earnings) loss of equity investees | 662 | (1,349 | ) | |||||
Capitalized interest | (1,059 | ) | (1,331 | ) | ||||
Earnings as Defined | $ | (1,570 | ) | $ | 37,860 | |||
Fixed Charges | ||||||||
Interest expense including amortization of deferred financing fees | $ | 26,207 | $ | 23,765 | ||||
Capitalized interest | 1,059 | 1,331 | ||||||
Interest portion of rent expense | 238 | 228 | ||||||
Fixed Charges | $ | 27,504 | $ | 25,324 | ||||
Ratio of Earnings to Fixed Charges | (a) | 1.50 | ||||||
(a) | Due to the pretax loss from continuing operations for the nine months ended September 30, 2010, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $29.1 million to achieve a coverage of 1:1 for the nine months ended September 30, 2010. |
The pretax loss from continuing operations before adjustment for noncontrolling interest for the nine months ended September 30, 2010 includes a consolidated provision for impairment $28.8 million and impairment charges of equity investments in unconsolidated joint ventures of $2.7 million, which together aggregate $31.4 million, that are discussed in Note 5 to the condensed consolidated financial statements in the Form 10-Q for the period ended September 30, 2010. |