EX-12.1 5 v465585_ex12-1.htm EXHIBIT 12.1

Exhibit 12.1

Statement Regarding Computation of Ratio of Earnings to Fixed Charges¹

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:

		Three Months Ended March 31, 2017				2016				2015				2014				2013				2012
Pretax Income from continuing operations			20,096				52,522				62,694				138,415				26,522				8,693
Add
Noncontrolling interest attributable to continuing operations and fixed charges
Fixed charges (See interest expense below)			16,636				56,314				53,775				52,107				49,454				28,982
Distribution of operating income from unconsolidated investments			1,299				7,256				12,291				9,579				9,829				3,733
Subtract
Capitalized interest			(5,009	)			(21,109	)			(16,447	)			(12,650	)			(9,193	)			(5,955	)
Preferred distributions of consolidated subsidiaries			(139	)			(560	)			(31	)			(31	)			(22	)			(18	)
Equity in earnings of unconsolidated investments			(12,703	)			(39,449	)			(37,330	)			(111,578	)			(12,382	)			(3,611	)
Adjusted earnings			20,180				54,974				74,952				75,842				64,208				31,824
Interest expense, including amortization of deferred financing costs			11,488				34,645				37,297				39,426				40,239				23,009
Capitalized interest			5,009				21,109				16,447				12,650				9,193				5,955
Amortization of discounts or premiums related to indebtedness							-				-								-				-
Preferred distributions of consolidated subsidiaries			139				560				31				31				22				18
Fixed Charges			16,636				56,314				53,775				52,107				49,454				28,982
Ratio of Adjusted Earnings to Fixed Charges			1.21				0.98				1.39				1.46				1.30				1.10

The ratios of earnings to fixed charges were computed by dividing earnings by fixed charges. For these purposes, earnings have been calculated by adding noncontrolling 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.

¹ The ratio of earnings to fixed charges from years prior to 2013 have been amended and restated to take into account discontinued operations.