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EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
The ratio of earnings to fixed charges for the Company (including its
predecessor-in-interest, Sundance Enterprises, Inc., the Sun Partnerships and
its subsidiaries and majority-owned partnerships) presents the relationship of
the Company's earnings to its fixed charges. "Earnings" as used in the
computation, is based on the Company's net income (loss) from continuing
operations (which includes a charge to income for depreciation and amortization
expense) before income taxes, plus fixed charges. "Fixed charges" is comprised
of (i) interest charges, whether expensed or capitalized, and (ii) amortization
of loan costs and discounts or premiums relating to indebtedness of the Company
and its subsidiaries and majority-owned partnerships, excluding in all cases
items which would be or are eliminated in consolidation.
The Company's ratio of earnings to combined fixed charges presents the
relationship of the Company's earnings (as defined above) to fixed charges (as
defined above).
Year Ended
December 31
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1996 1995 1994 1993
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(unaudited in thousands)
Earnings:
Net income (loss) $21,953(1) $13,591 $8,924 $288
Add fixed charges other than
capitalized interest 1,277 6,420 4,894 5,280
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$33,230 $20,011 $13,818 $5,568
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Fixed Charges:
Interest expense $11,277 $6,420 $4,894 $5,280
Preferred OP Unit distribution 1,670 - - -
Capitalized interest 380 192 58 -
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Total fixed charges $13,327 $6,612 $4,952 $5,280
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(1) Before Extraordinary Item