Exhibit 12.1
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | ||||||||||||||
For the three and six months ended June 30, 2013 and 2012 | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(In thousands, except ratio computation) | ||||||||||||||
Pretax gain from continuing operations before adjustment for noncontrolling interest | $4,317 | $1,562 | $9,447 | $3,496 | ||||||||||
Add back: | ||||||||||||||
Fixed charges | 7,830 | 7,186 | 14,640 | 14,493 | ||||||||||
Distributed income of equity investees | 762 | 1,649 | 3,485 | 2,622 | ||||||||||
Deduct: | ||||||||||||||
Equity in earnings of equity investees | (260 | ) | (580 | ) | 5,414 | (1,076 | ) | |||||||
Capitalized interest | (132 | ) | (280 | ) | (457 | ) | (513 | ) | ||||||
Earnings as Defined | $12,517 | $9,537 | $32,529 | $19,022 | ||||||||||
Fixed Charges | ||||||||||||||
Interest expense including amortization of deferred financing fees | $7,642 | $6,829 | $14,056 | $13,832 | ||||||||||
Capitalized interest | 132 | 280 | 457 | 513 | ||||||||||
Interest portion of rent expense | 56 | 77 | 127 | 148 | ||||||||||
Fixed Charges | 7,830 | 7,186 | 14,640 | 14,493 | ||||||||||
Preferred share dividends | 1,813 | 1,813 | 3,625 | 3,625 | ||||||||||
Combined Fixed Charges and Preferred Dividends | $9,643 | $8,999 | $18,265 | $18,118 | ||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | 1.30 | 1.06 | 1.78 | 1.05 | ||||||||||