1
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
partnerships affiliated with Sundance Enterprises, Inc., and the Company's
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 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.
YEAR ENDED
6 MONTHS DECEMBER 31,
ENDED ----------------------------------------------------------
6/30/97 1996 1995 1994 1993 1992
------------- ------ ------ ------ ------ -------
(unaudited, in thousands)
Earnings:
Net income (loss) $ 13,917 $ 21,953 (1) $ 13,591 $ 8,924 $ 288 $ 272
Add fixed charges other
than capitalized interest 6,799 11,277 6,420 4,894 5,280 5,522
--------- -------- --------- ---------- ------- -------
$ 20,716 $ 33,230 $ 20,011 $ 13,818 $ 5,568 $ 5,794
======= ======== ========= ========== ======= =======
Fixed Charges:
Interest expense $ 6,799 $ 11,277 $ 6,420 $ 4,894 $ 5,280 $ 5,522
Preferred OP distribution 1,252 1,670 --- --- --- ---
Capitalized interest 255 380 192 58 --- ---
------- ------ -------- --------- ------- -------
Total fixed charges $ 8,306 $ 13,327 $ 6,612 $ 4,952 $ 5,280 $ 5,522
======= ======= ======== ========= ======= =======
Ratio of Earnings to
Fixed Charges: 2.49:1 2.49:1 3.03:1 2.79:1 1.05:1 1.05:1
(1) Before extraordinary item