EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended | Three Months Ended | For the year ended December 31, | ||||||||||
Ratio of Earnings to Fixed Charges | March 31, 2007 | March 31, 2006 | 2006 | 2005 | 2004 | 2003 | 2002 | |||||
Fixed charges: | ||||||||||||
Interest expense on indebtedness | $ 8,495 | $ 2,216 | $ 19,149 | $ 7,057 | $ 4,017 | $ 2,548 | $ 1,228 | |||||
Preference security dividend requirements of | ||||||||||||
consolidated subsidiaries | 569 | 517 | 2,241 | 1,452 | - | - | - | |||||
Amortization of capitalized costs related | ||||||||||||
to indebtedness | 196 | 7 | 121 | 228 | 287 | 195 | 16 | |||||
Total fixed charges | 9,260 | 2,740 | 21,511 | 8,737 | 4,304 | 2,743 | 1,244 | |||||
Earnings: | ||||||||||||
Net income from continuing operations | 1,633 | 2,288 | 2,432 | 15,035 | 9,373 | 11,425 | 9,660 | |||||
Add: Total fixed charges | 9,260 | 2,740 | 21,511 | 8,737 | 4,304 | 2,743 | 1,244 | |||||
Add: Distributed income from equity investees | - | 1,037 | 4,037 | 2,400 | 2,400 | 2,400 | 2,400 | |||||
Less: Income from equity investees | - | (679) | (3,000) | (2,837) | (2,400) | (2,400) | (2,400) | |||||
Less: Preference security dividend requirements | ||||||||||||
of consolidated subsidiaries | (569) | (517) | (2,241) | (1,452) | - | - | - | |||||
Total earnings | $ 10,324 | $ 4,869 | $ 22,739 | $ 21,883 | $ 13,677 | $ 14,168 | $ 10,904 | |||||
Ratio of Earnings to Fixed Charges | 1.1 | 1.8 | 1.1 | 2.5 | 3.2 | 5.2 | 8.8 |