Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
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| Quarter Ended |
| Year Ended |
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| 31-Mar-13 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
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Income from continuing operations |
| $ | 12,976 |
| $ | 51,311 |
| $ | 49,542 |
| $ | 45,595 |
| $ | 44,248 |
| $ | 43,080 |
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Add: Fixed charges |
| 3,310 |
| 10,062 |
| 6,479 |
| 2,770 |
| 2,458 |
| 4,174 |
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Less: Capitalized interest |
| (177 | ) | (130 | ) | (45 | ) | (117 | ) | (40 | ) | (60 | ) | ||||||
Less: Minority interest in pre-tax income that have not incurred fixed charges (equity method investees) |
| — |
| (37 | ) | (191 | ) | (191 | ) | (296 | ) | (307 | ) | ||||||
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Earnings |
| $ | 16,109 |
| $ | 61,206 |
| $ | 55,785 |
| $ | 48,057 |
| $ | 46,370 |
| $ | 46,887 |
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Fixed Charges |
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Interest expense (includes amortization of debt issue costs and capitalized interest) |
| 3,310 |
| 10,062 |
| 6,479 |
| 2,770 |
| 2,458 |
| 4,174 |
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Estimated interest in rental expense |
| — |
| — |
| — |
| — |
| — |
| — |
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Total fixed charges |
| 3,310 |
| 10,062 |
| 6,479 |
| 2,770 |
| 2,458 |
| 4,174 |
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Preferred stock dividend (excludes preferred stock redemption charge) |
| 818 |
| 3,273 |
| 5,512 |
| 13,662 |
| 15,141 |
| 15,390 |
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Total fixed charges and preferred dividends |
| $ | 4,128 |
| $ | 13,335 |
| $ | 11,991 |
| $ | 16,432 |
| $ | 17,599 |
| $ | 19,564 |
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Ratio of earnings to fixed charges |
| 4.87 |
| 6.08 |
| 8.61 |
| 17.35 |
| 18.86 |
| 11.23 |
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Ratio of earnings to fixed charges and preferred dividends |
| 3.90 |
| 4.59 |
| 4.65 |
| 2.92 |
| 2.63 |
| 2.40 |
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