Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges | ||||||||
For Period Ended March 31, 2011 and 2010 | ||||||||
(in thousands, except ratio computation) | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Pretax loss from continuing operations before adjustment for noncontrolling interest (a) | $ | (300 | ) | $ | (1,588 | ) | ||
Add back: | ||||||||
Fixed Charges | 8,941 | 9,122 | ||||||
Distributed income of equity investees | 1,079 | 734 | ||||||
Deduct: | ||||||||
Equity in earnings loss of equity investees | (961 | ) | 867 | |||||
Capitalized interest | (102 | ) | (434 | ) | ||||
Earnings as Defined | $ | 8,657 | $ | 8,701 | ||||
Fixed Charges | ||||||||
Interest expense including amortization of deferred financing fees | $ | 8,759 | $ | 8,614 | ||||
Capitalized interest | 102 | 434 | ||||||
Interest portion of rent expense | 80 | 74 | ||||||
Fixed Charges | $ | 8,941 | $ | 9,122 | ||||
Ratio of Earnings to Fixed Charges | (a) | (a) | ||||||
(a) | Due to the pretax loss from continuing operations for the three months ended March 31, 2011 and 2010, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of approximately $240,000 and $380,000 to achieve a coverage of 1:1 for the three months ended March 31, 2011 and 2010, respectively. |
The pretax loss from continuing operations before adjustment for noncontrolling interest for the three months ended March 31, 2010 includes impairment charges of equity investments in unconsolidated joint ventures of $2.7 million as discussed in Note 5 to the condensed consolidated financial statements in the Form 10-Q for the period ended March 31, 2011. |
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