Exhibit 12.1 | ||||||||||||||||
COLONIAL PROPERTIES TRUST | ||||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
($ in thousands) | June 30, | June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Earnings: | ||||||||||||||||
Pre-tax (loss) income from continuing operations before noncontrolling | ||||||||||||||||
interest in consolidated subsidiaries or income (loss) from equity | ||||||||||||||||
investees, extraordinary gain (loss), or gains (losses) on sale of | ||||||||||||||||
properties | $ | (3,080 | ) | $ | (8,133 | ) | $ | (7,719 | ) | $ | (18,469 | ) | ||||
Amortization of interest capitalized | 490 | 490 | 980 | 987 | ||||||||||||
Interest capitalized | (355 | ) | (350 | ) | (562 | ) | (535 | ) | ||||||||
Distributed income of equity investees | 5,502 | 185 | 5,669 | 471 | ||||||||||||
Fixed Charges | 22,736 | 25,029 | 46,515 | 49,700 | ||||||||||||
Total Earnings | $ | 25,293 | $ | 17,221 | $ | 44,883 | $ | 32,154 | ||||||||
Fixed Charges: | ||||||||||||||||
Interest expense | 20,999 | 23,277 | 43,194 | 46,330 | ||||||||||||
Interest capitalized | 355 | 350 | 562 | 535 | ||||||||||||
Debt costs amortization | 1,382 | 1,402 | 2,759 | 2,835 | ||||||||||||
Total Fixed Charges | $ | 22,736 | $ | 25,029 | $ | 46,515 | $ | 49,700 | ||||||||
Ratio of Earning to Fixed Charges | 1.1 | (a) | 1.0 | (a) |
a) | For the three and six months ended June 30, 2012, the aggregate amount of fixed charges exceeded our earnings by approximately $7.8 million and $17.2 million, respectively, which is the amount of additional earnings that would have been required to achieve a ratio of earnings to fixed charges of 1.0x for such period. The deficiency of the ratio of earnings to fixed charges for the periods presented is primarily a result of non-cash depreciation and amortization expense. |