Exhibit 12.1
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
(In thousands, except ratio computation) | ||||||||||||||||||||
Pretax (loss) income from continuing operations before adjustment for noncontrolling interest | $ | (37,308 | ) | $ | (21,765 | ) | $ | 11,775 | $ | 30,031 | $ | 42,519 | ||||||||
Add back: | ||||||||||||||||||||
Fixed charges and preferred dividends | 35,878 | 34,875 | 31,450 | 38,414 | 48,936 | |||||||||||||||
Distributed income of equity investees | 4,413 | 2,904 | 3,836 | 6,389 | 5,934 | |||||||||||||||
Deduct: | ||||||||||||||||||||
Equity in (earnings) loss of equity investees | (1,669 | ) | 221 | (1,328 | ) | (2,506 | ) | (2,496 | ) | |||||||||||
Capitalized interest | (325 | ) | (1,158 | ) | (2,116 | ) | (1,577 | ) | (2,881 | ) | ||||||||||
Preferred share dividends | (5,244 | ) | - | - | - | (3,146 | ) | |||||||||||||
Earnings as Defined | $ | (4,255 | ) | $ | 15,077 | $ | 43,617 | $ | 70,751 | $ | 88,866 | |||||||||
Fixed Charges | ||||||||||||||||||||
Interest expense including amortization of deferred financing fees | $ | 30,007 | $ | 33,397 | $ | 29,013 | $ | 36,518 | $ | 42,609 | ||||||||||
Capitalized interest | 325 | 1,158 | 2,116 | 1,577 | 2,881 | |||||||||||||||
Interest portion of rent expense | 302 | 320 | 321 | 319 | 300 | |||||||||||||||
Fixed Charges | 30,634 | 34,875 | 31,450 | 38,414 | 45,790 | |||||||||||||||
Preferred share dividends | 5,244 | - | - | - | 3,146 | |||||||||||||||
Combined Fixed Charges and Preferred Dividends | $ | 35,878 | $ | 34,875 | $ | 31,450 | $ | 38,414 | $ | 48,936 | ||||||||||
Ratio of Earnings to Fixed Charges | (a) | (b) | 1.39 | 1.84 | 1.90 | |||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | (a) | (b) | 1.39 | 1.84 | 1.82 |
(a) | Due to the pretax loss from continuing operations for year ended December 31, 2011, the ratio coverages were less than 1:1. We would have needed to generate additional earnings of $40.2 million to achieve a coverage of 1:1 for 2011. The pretax loss from continuing operations before adjustment for noncontrolling interest for the year ended December 31, 2011 includes an asset impairment provision of $27.8 million and an impairment provision on equity investments in unconsolidated joint ventures of $9.6 million. |
(b) | Due to the pretax loss from continuing operations for year ended December 31, 2010, the ratio coverages were less than 1:1. We would have needed to generate additional earnings of $19.8 million to achieve a coverage of 1:1 for 2010. The pretax loss from continuing operations before adjustment for noncontrolling interest for the year ended December 31, 2010 includes an asset impairment provision of $28.8 million and an impairment provision on equity investments in unconsolidated joint ventures of $2.7 million. |