EX-12.1 5 v308749_ex12-1.htm EXHIBIT 12.1

Exhibit 12.1

Statement Regarding Computation of Ratio of Earnings to Fixed Charges

The following table sets forth our historical ratios of earnings to fixed charges for the periods indicated, we note: that we do not have any outstanding preferred shares and have not had any preferred shares outstanding during the periods indicated, so the following table also sets forth our historical ratios of earnings to combined fixed charges and preferred share dividends for the periods indicated:

		2011				2010				2009				2008				2007
Pretax Income from continuing operations			12,022				50,225				3,385				23,262				17,448
Add
Minority interest attributable to continuing operations and fixed charges															12,217				(9,082	)
Fixed charges (See interest expense below)			46,724				50,515				44,169				36,231				28,265
Distribution of operating income from unconsolidated investments			5,515				12,124				880				14,420				36,666
Subtract
Capitalized interest			(4,850	)			(2,903	)			(3,516	)			(6,779	)			(3,031	)
Preferred distributions of consolidated subsidiaries			(18	)			(18	)			(19	)			(35	)			(29	)
Equity in earnings of unconsolidated investments			(1,555	)			(10,971	)			1,529				(19,906	)			(6,619	)
Adjusted earnings			57,838				98,972				46,428				59,410				63,618
Interest expense			37,109				40,498				35,632				26,890				22,775
Capitalized interest			4,850				2,903				3,516				6,779				3,031
Amortization of deferred financing costs			3,918				6,054				3,722				2,527				2,430
Amortization of discounts or premiums related to indebtedness			829				1,042				1,280				-				-
Preferred distributions of consolidated subsidiaries			18				18				19				35				29
Fixed Charges			46,724				50,515				44,169				36,231				28,265
Ratio of Adjusted Earnings to Fixed Charges			1.24				1.96				1.05				1.64				2.25

The ratios of earnings to fixed charges were computed by dividing earnings by fixed charges. For these purposes, earnings have been calculated by adding minority interest attributable to continuing operations, income or loss from equity investees, fixed charges and distributed income of equity investees to income from continuing operations before income taxes, less capitalized interest and preferred distributions of consolidated subsidiaries. Fixed charges consist of interest costs, whether expensed or capitalized, amortization of deferred financing costs, amortization of discounts or premiums related to indebtedness and preferred distributions of consolidated subsidiaries.