| Three | ||||||||||||||||||||||||
| months | ||||||||||||||||||||||||
| ended | ||||||||||||||||||||||||
| March 31, | ||||||||||||||||||||||||
| 2009 | ||||||||||||||||||||||||
| (unaudited) | Year ended December 31, | |||||||||||||||||||||||
| (in thousands, except for ratio amounts) | (1) | 2008 (2) | 2007 (3) | 2006 (4) | 2005 (5) | 2004 (6) | ||||||||||||||||||
EARNINGS BEFORE FIXED CHARGES: | ||||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes | $ | 6,469 | $ | (8,810 | ) | $ | 49,502 | $ | 135,638 | $ | 148,753 | $ | 21,128 | |||||||||||
| Less: Income allocated to minority interests | (1,750 | ) | (7,000 | ) | (7,000 | ) | (7,000 | ) | (7,393 | ) | (11,206 | ) | ||||||||||||
| Less: Equity in income (loss) of joint ventures | 408 | (1,265 | ) | 1,526 | 5,156 | 10,049 | 356 | |||||||||||||||||
| 7,811 | (545 | ) | 54,976 | 137,482 | 146,097 | 31,978 | ||||||||||||||||||
| Add: Distributed income of joint ventures | 1,427 | 5,392 | 5,406 | — | — | 1,390 | ||||||||||||||||||
| Less: Interest capitalized | 2,380 | 17,718 | 22,622 | 20,627 | 17,513 | 9,332 | ||||||||||||||||||
| Less: Preferred distribution of subsidiaries | 1,750 | 7,000 | 7,000 | 7,000 | 7,028 | 10,461 | ||||||||||||||||||
| Total earnings before fixed charges | 5,108 | (19,871 | ) | 30,760 | 109,855 | 121,556 | 13,575 | |||||||||||||||||
FIXED CHARGES | ||||||||||||||||||||||||
| Interest expense | 32,245 | 132,399 | 115,753 | 117,348 | 110,672 | 76,801 | ||||||||||||||||||
| Interest capitalized | 2,380 | 17,718 | 22,622 | 20,627 | 17,513 | 9,332 | ||||||||||||||||||
| Accretion of discount | 142 | 571 | 590 | 694 | 687 | 609 | ||||||||||||||||||
| Loan amortization | 817 | 2,958 | 3,661 | 3,782 | 3,712 | 2,681 | ||||||||||||||||||
| Interest portion of rental expense | 238 | 928 | 912 | 864 | 823 | 668 | ||||||||||||||||||
| Preferred distribution of subsidiaries | 1,750 | 7,000 | 7,000 | 7,000 | 7,028 | 10,461 | ||||||||||||||||||
| Total fixed charges | 37,572 | 161,574 | 150,538 | 150,315 | 140,435 | 100,552 | ||||||||||||||||||
| Total earnings and fixed charges | $ | 42,680 | $ | 141,703 | $ | 181,298 | $ | 260,170 | $ | 261,991 | $ | 114,127 | ||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.14 | 0.88 | 1.20 | 1.73 | 1.87 | 1.14 | ||||||||||||||||||
| (1) | Earnings include a $166 impact related to gain on early retirement of debt. Excluding this impact, the ratio would be 1.13. | |
| (2) | We would have needed to generate additional earnings of $19,871 to achieve a coverage of one-to-one in 2008. Earnings include a $51,323 impact related to impairment loss on land, 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 these impacts, the ratio would be 1.09. | |
| (3) | Earnings include a $1,447 impact related to impairment loss on land. Excluding this impact, the ratio would be 1.21. | |
| (4) | Earnings include a $97,452 impact related to gain on sale of properties, including land. Excluding this impact, the ratio would be 1.08. | |
| (5) | Earnings include a $132,914 impact related to gain on sale of properties, including land. Excluding this impact, the ratio would be 0.92. | |
| (6) | Earnings include a $1,642 impact related to gain on sale of properties, including land. Excluding this impact, the ratio would be 1.12. |
| Total revenues | $ | 155,646 | $ | 604,476 | $ | 613,321 | $ | 596,559 | $ | 536,608 | $ | 375,058 | ||||||||||||
| Total expenses | (148,001 | ) | (570,193 | ) | (556,898 | ) | (556,529 | ) | (523,086 | ) | (344,722 | ) | ||||||||||||
| Income from discontinued operations | 585 | 4,480 | 13,214 | 15,927 | 16,845 | 16,265 | ||||||||||||||||||
| Add: Depreciation and amortization | 44,797 | 174,772 | 160,958 | 152,988 | 159,325 | 88,145 | ||||||||||||||||||
| Add: Depreciation of discontinued operations | — | 2,762 | 6,953 | 10,685 | 15,668 | 20,735 | ||||||||||||||||||
| Add: Interest expense | 32,245 | 132,399 | 115,753 | 117,348 | 110,672 | 76,801 | ||||||||||||||||||
| Add: Interest expense of discontinued operations | — | 466 | 1,000 | 996 | 876 | 2,413 | ||||||||||||||||||
| Total | $ | 85,272 | $ | 349,162 | $ | 354,301 | $ | 337,974 | $ | 316,908 | $ | 234,695 | ||||||||||||
| Total interest expense | $ | 32,245 | $ | 132,865 | $ | 116,753 | $ | 118,344 | $ | 111,548 | $ | 79,214 | ||||||||||||
INTEREST COVERAGE RATIO | 2.6 | 2.6 | 3.0 | 2.9 | 2.8 | 3.0 | ||||||||||||||||||
