Exhibit 12.1

Ratio of Earnings to Combined Fixed Charges & Preferred Stock Dividends

 
  Nine Months
Ended
30-Sep-03

  Year
Ended
31-Dec-02

  Year
Ended
31-Dec-01

  Year
Ended
31-Dec-00

  Year
Ended
31-Dec-99

  Year
Ended
31-Dec-98

 
Earnings                                      

Income (loss) from continuing operations

 

 

43,989

 

 

53,558

 

 

49,005

 

 

45,988

 

 

44,394

 

 

29,924

 
Add: JV cash distributions     22,549     22,482     26,909     25,550          
Interest     31,994     33,946     42,411     37,729     26,626     11,699  
Portion of rent expense representative of interest     6,902     9,304     9,394     9,434     9,461     9,278  
   
 
 
 
 
 
 
Total earnings   $ 105,433   $ 119,290   $ 127,719   $ 118,701   $ 80,481   $ 50,901  
   
 
 
 
 
 
 

Fixed Charges and Preferred Stock Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Interest     31,994     33,946     42,411     37,729     26,626     11,699  
Preferred stock dividends     7,087     9,690     9,658     9,626     9,598     5,970  
Interest capitalized                          
Portion of rent expense representative of interest     6,902     9,304     9,394     9,434     9,461     9,278  
Amortization of loan costs expensed     3,095     3,427     3,608     3,388     2,268     1,211  
   
 
 
 
 
 
 
Total Fixed Charges and Preferred Stock Dividends   $ 49,077   $ 56,367   $ 65,071   $ 60,177   $ 47,953   $ 28,158  
   
 
 
 
 
 
 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

 

2.15

x

 

2.12

x

 

1.96

x

 

1.97

x

 

1.68

x

 

1.81

x