EX-12.1 5 iretexhibit121-06292012.htm CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES iretexhibit121-06292012.htm

 
 
 

Exhibit 12.1
 
CALCULATION OF RATIO OF EARNINGS TO
COMBINED FIXED CHARGES
AND PREFERRED SHARE DIVIDENDS
(In Thousands, Except Ratios; Unaudited)
 

     
Fiscal Year Ended
April 30,
  
     
2012
    
2011
    
2010
    
2009
    
2008
  
Earnings
                              
Income from continuing operations
   $ 9,914     $ 4,519     $ 6,094     $ 10,008     $ 14,109  
Add:
                                        
 
Combined fixed charges and preferred dividends (see below)
     68,172       64,954       71,497       72,027       66,317  
Less:
                                          
 
(Income) loss noncontrolling interests – consolidated real estate entities
     (135 )     180       (22 )     40       136  
 
Interest capitalized
     (571 )     (57 )     (19 )     (912 )     (506 )
 
Preferred dividends
     (2,372 )     (2,372 )     (2,372 )     (2,372 )     (2,372  
Total earnings
   $ 75,008     $ 67,224     $ 75,178     $ 78,791     $ 77,684  
                                           
Fixed charges
                                        
 
Interest expensed
   $ 65,229     $ 62,525     $ 69,106     $ 68,743     $ 63,439  
 
Interest capitalized
     571       57       19       912       506  
Total Fixed charges
   $ 65,800     $ 62,582     $ 69,125     $ 69,655     $ 63,945  
 
Preferred dividends
     2,372       2,372       2,372       2,372       2,372  
Total Combined fixed charges and preferred dividends
   $ 68,172     $ 64,954     $ 71,497     $ 72,027     $ 66,317  
                                           
                                         
Ratio of earnings to combined fixed charges and preferred dividends
     1.10       1.03       1.05       1.09       1.17