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
9 MONTHS DECEMBER 31,
ENDED ------------------------------------------------------------
9/30/97 1996 1995 1994 1993 1992
------- ---------- ------ ------ ------- ------
(UNAUDITED, IN THOUSANDS)
Earnings:
Net income $ 20,909 $ 21,953(1) $ 13,591 $ 8,924 $ 288 $ 272
Add fixed charges other
than capitalized interest 10,397 11,277 6,420 4,894 5,280 5,522
---------- -------- -------- ---------- -------- ------
$ 31,306 $ 33,230 $ 20,011 $ 13,818 $ 5,568 $5,794
========== ======== ======== ========== ======= ======
Fixed Charges:
Interest expense $ 10,397 $ 11,277 $ 6,420 $ 4,894 $ 5,280 $5,522
Preferred OP distribution 1,879 1,670 -- -- -- --
Capitalized interest 445 380 192 58 -- --
---------- -------- -------- ---------- ------- ------
Total fixed charges $ 12,721 $ 13,327 $ 6,612 $ 4,952 $ 5,280 $5,522
========== ======== ======== ========== ======= ======
Ratio of Earnings to
Fixed Charges: 2.46:1 2.49:1 3.03:1 2.79:1 1.05:1 1.05:1
(1) Before extraordinary item