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 |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
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