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 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
3 MONTHS DECEMBER 31,
ENDED -------------------------------------------------------
3/31/98 1997 1996 1995 1994 1993
-------- ------ ------- ------ ------ ------
(UNAUDITED, IN THOUSANDS)
Earnings:
Net income $ 8,936 $27,927 $21,953(1) $13,591 $ 8,924 $ 288
Add fixed charges other
than capitalized interest 5,578 14,534 11,277 6,420 4,894 5,280
------- ------- ------- ------- ------- -------
$14,514 $42,461 $33,230 $20,011 $13,818 $ 5,568
======= ======= ======= ======= ======= =======
Fixed Charges:
Interest expense $ 5,578 $14,534 $11,277 $ 6,420 $ 4,894 $ 5,280
Preferred OP distribution 626 2,505 1,670 -- -- --
Capitalized interest 150 645 380 192 58 --
------- ------- ------- ------- ------- -------
Total fixed charges $ 6,354 $17,684 $13,327 $ 6,612 $ 4,952 $ 5,280
======= ======= ======= ======= ======= =======
Ratio of Earnings to
Fixed Charges: 2.28:1 2.40:1 2.49:1 3.03:1 2.79:1 1.05:1
(1) Before extraordinary item
16