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Exhibit 12.1
 
Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
(in thousands, except ratio computation)
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
2016
 
2015
 
2014
 
2013
 
2012
Pretax income (loss) from continuing
   operations before adjustment for
   noncontrolling interest
 
$
74,325

 
$
74,611

 
$
58,984

 
$
48,479

 
$
(4,192
)
Adjustments:
 
 
 
 
 
 
 
 
 
 
Equity in income of
unconsolidated joint ventures
 
(2,711
)
 
(6,493
)
 
(10,990
)
 
(1,648
)
 
(542
)
Fixed charges
 
51,118

 
60,077

 
71,396

 
74,235

 
80,394

Distributed income of equity investees
 
2,975

 
3,427

 
3,121

 
53

 
3,337

Capitalized interest
 
(2,515
)
 
(4,755
)
 
(4,969
)
 
(2,863
)
 
(4,742
)
Earnings as defined
 
$
123,192

 
$
126,867

 
$
117,542

 
$
118,256

 
$
74,255

Fixed charges
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
46,497

 
$
54,271

 
$
66,431

 
$
71,429

 
$
75,794

Capitalized interest
 
2,515

 
4,755

 
4,969

 
2,863

 
4,742

Amortization of deferred financing fees and
premium/discount on notes payable, net
 
2,106

 
1,051

 
(4
)
 
(57
)
 
(142
)
Fixed charges
 
$
51,118

 
$
60,077

 
$
71,396

 
$
74,235

 
$
80,394

Ratio of earning to fixed charges
 
2.41

 
2.11

 
1.65

 
1.59

 
*
* Earnings for the year ended December 31, 2012 were insufficient to cover combined fixed charges by approximately $6.1 million. Other than the year ended December 31, 2012, there are no periods in which earnings were insufficient to cover combined fixed charges.