Attached files
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
Year Ended December 31, | ||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||
Earnings: |
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Net (loss) income |
(3,595 | ) | 84,883 | 257,832 | 176,401 | 103,672 | ||||||||
Taxes |
5,677 | 28,743 | 87,595 | 63,825 | 36,236 | |||||||||
Equity in losses (earnings) from real estate ventures |
58,867 | 5,462 | (12,216 | ) | (9,221 | ) | (12,156 | ) | ||||||
Operating distributions from real estate ventures |
157 | 1,064 | 11,560 | 17,501 | 10,427 | |||||||||
Fixed charges |
88,598 | 68,908 | 47,103 | 40,104 | 24,318 | |||||||||
Total Earnings |
149,704 | 189,060 | 391,874 | 288,610 | 162,497 | |||||||||
Fixed Charges: |
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Interest expense |
52,005 | 31,933 | 17,783 | 16,374 | 4,358 | |||||||||
Applicable portion of rent expense (1) |
36,593 | 36,975 | 29,320 | 23,730 | 19,960 | |||||||||
Total Fixed Charges |
88,598 | 68,908 | 47,103 | 40,104 | 24,318 | |||||||||
Ratio of Earnings to Fixed Charges |
1.69 | 2.74 | 8.32 | 7.20 | 6.68 | |||||||||
1. Represents one-third of rent expense, which we believe approximates the portion of rent expense that relates to interest.