| Nine months | Year ended December 31, | |||||||||||||||||||||||
| ended | ||||||||||||||||||||||||
| September 30, | ||||||||||||||||||||||||
| (in thousands, except for ratio amounts) | 2011 (1) | 2010 (2) | 2009 (3) | 2008 (4) | 2007 (5) | 2006 (6) | ||||||||||||||||||
EARNINGS BEFORE FIXED CHARGES: | ||||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes | $ | 11,786 | $ | 19,628 | $ | (65,224 | ) | $ | (5,771 | ) | $ | 52,922 | $ | 141,052 | ||||||||||
| Less: Equity in income (loss) of joint ventures | (166 | ) | (839 | ) | 695 | (1,265 | ) | 1,526 | 5,156 | |||||||||||||||
| 11,952 | 20,467 | (65,919 | ) | (4,506 | ) | 51,396 | 135,896 | |||||||||||||||||
| Add: Distributed income of joint ventures | 3,673 | 6,524 | 5,664 | 5,392 | 5,406 | — | ||||||||||||||||||
| Less: Interest capitalized | 6,100 | 5,687 | 10,298 | 17,718 | 22,622 | 20,627 | ||||||||||||||||||
| Less: Preferred distribution of subsidiaries | 5,250 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | ||||||||||||||||||
| Total earnings before fixed charges | 4,275 | 14,304 | (77,553 | ) | (23,832 | ) | 27,180 | 108,269 | ||||||||||||||||
FIXED CHARGES | ||||||||||||||||||||||||
| Interest expense | 85,472 | 125,893 | 128,296 | 132,399 | 115,753 | 117,348 | ||||||||||||||||||
| Interest capitalized | 6,100 | 5,687 | 10,298 | 17,718 | 22,622 | 20,627 | ||||||||||||||||||
| Accretion of discount | 455 | 514 | 628 | 571 | 590 | 694 | ||||||||||||||||||
| Loan amortization | 4,761 | 4,102 | 3,925 | 2,958 | 3,661 | 3,782 | ||||||||||||||||||
| Interest portion of rental expense | 126 | 174 | 940 | 928 | 912 | 864 | ||||||||||||||||||
| Preferred distribution of subsidiaries | 5,250 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | ||||||||||||||||||
| Total fixed charges | 102,164 | 143,370 | 151,087 | 161,574 | 150,538 | 150,315 | ||||||||||||||||||
| Total earnings and fixed charges | $ | 106,439 | $ | 157,674 | $ | 73,534 | $ | 137,742 | $ | 177,718 | $ | 258,584 | ||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.04 | 1.10 | 0.49 | 0.85 | 1.18 | 1.72 | ||||||||||||||||||
| (1) | Earnings include a $29,791 impact related to a loss on the discontinuation of a hedging relationship, a $3,316 impact related to a net gain on the sale of an available-for-sale investment, and a $5,884 impact related to gains on the sale of properties, including land and joint venture interests. Excluding these impacts, the ratio would be 1.24. | |
| (2) | Earnings include a $1,000 impact related to an impairment provision on a technology investment. Excluding this impact, the ratio would be 1.10. | |
| (3) | We would have needed to generate an additional $77,553 to achieve a coverage of one to one in 2009. Earnings include an $85,614, impact related to impairment associated with land development activities and a $2,550 impact related to loss on early retirement of debt. Excluding this impact, the ratio would be 1.07. | |
| (4) | We would have needed to generate an additional $23,832 to achieve a coverage of one to one in 2008. Earnings include a $51,323 impact related to impairment associated with land development activities, a $13,566 impact related to gain on early retirement of debt, and a $2,929 impact related to gain on sale of properties, including land. Excluding this impact, the ratio would be 1.07. | |
| (5) | Earnings include a $1,447 impact related to impairment associated with land development activities. Excluding this impact, the ratio would be 1.19. | |
| (6) | Earnings include a $97,452 impact related to gain on sale of properties, including land. Excluding this impact, the ratio would be 1.07. |
INTEREST COVERAGE RATIO | ||||||||||||||||||||||||
| Total revenues | $ | 508,124 | $ | 638,741 | $ | 637,453 | $ | 592,868 | $ | 602,431 | $ | 588,767 | ||||||||||||
| Total expenses | (472,265 | ) | (617,510 | ) | (615,208 | ) | (562,546 | ) | (549,588 | ) | (550,323 | ) | ||||||||||||
| Income from discontinued operations | — | 3,481 | 5,101 | 8,441 | 16,794 | 17,513 | ||||||||||||||||||
| Add: Depreciation and amortization | 141,872 | 176,951 | 175,247 | 171,446 | 157,629 | 149,548 | ||||||||||||||||||
| Add: Depreciation of discontinued operations | — | 2,711 | 3,360 | 6,088 | 10,284 | 14,125 | ||||||||||||||||||
| Add: Interest expense | 85,472 | 125,893 | 128,296 | 132,399 | 115,753 | 117,348 | ||||||||||||||||||
| Add: Interest expense of discontinued operations | — | — | — | 466 | 998 | 996 | ||||||||||||||||||
| Total | $ | 263,203 | $ | 330,267 | $ | 334,249 | $ | 349,162 | $ | 354,301 | $ | 337,974 | ||||||||||||
| Total interest expense | $ | 85,472 | $ | 125,893 | $ | 128,296 | $ | 132,865 | $ | 116,751 | $ | 118,344 | ||||||||||||
INTEREST COVERAGE RATIO | 3.1 | 2.6 | 2.6 | 2.6 | 3.0 | 2.9 | ||||||||||||||||||
