Exhibit 12.1
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | ||||||||||||||||
For the three and nine months ended Sepetmber 30, 2011 and 2010 | ||||||||||||||||
(in thousands, except ratio computation) | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | Sepetmber 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Pretax income (loss) from continuing operations before adjustment for noncontrolling interest (a) | $ | 5,869 | $ | (29,336 | ) | $ | 5,408 | $ | (31,091 | ) | ||||||
Add back: | ||||||||||||||||
Fixed charges and preferred dividends | 9,170 | 8,537 | 27,356 | 26,514 | ||||||||||||
Distributed income of equity investees | 951 | 463 | 3,143 | 1,859 | ||||||||||||
Deduct: | ||||||||||||||||
Equity in (earnings) loss of equity investees | (3,703 | ) | 1,362 | (5,336 | ) | 662 | ||||||||||
Capitalized interest | (156 | ) | (195 | ) | (359 | ) | (1,059 | ) | ||||||||
Preferred share dividends | (1,813 | ) | - | (3,432 | ) | - | ||||||||||
Earnings as Defined | $ | 10,318 | $ | (19,169 | ) | $ | 26,780 | $ | (3,115 | ) | ||||||
Fixed Charges | ||||||||||||||||
Interest expense including amortization of deferred financing fees | $ | 7,129 | $ | 8,253 | $ | 23,331 | $ | 25,217 | ||||||||
Capitalized interest | 156 | 195 | 359 | 1,059 | ||||||||||||
Interest portion of rent expense | 72 | 89 | 234 | 238 | ||||||||||||
Fixed Charges | $ | 7,357 | $ | 8,537 | $ | 23,924 | $ | 26,514 | ||||||||
Preferred share dividends | 1,813 | - | 3,432 | - | ||||||||||||
Combined Fixed Charges and Preferred Dividends | $ | 9,170 | $ | 8,537 | $ | 27,356 | $ | 26,514 | ||||||||
Ratio of Earnings to Fixed Charges | 1.40 | (b) | 1.12 | (c) | ||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | 1.13 | (b) | (a) | (c) | ||||||||||||
(a) | Due to the pretax income from continuing operations for the nine months ended September 30, 2011, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of approximately $0.6 million to achieve a coverage of 1:1 for the nine months ended September 30, 2011. |
(b) | Due to the pretax loss from continuing operations for the three months ended September 30, 2010, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of approximately $27.7 million to achieve a coverage of 1:1 for the three months ended September 30, 2010. The pretax loss from continuing operations before adjustment for noncontrolling interest for the three months ended September 30, 2010 includes a provision for impairment of $28.8 million. |
(c) | 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 approximately $29.6 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 provision for impairment of $28.8 million and impairment charges of equity investments in unconsolidated joint ventures of $2.7 million. |