Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - GRUBB & ELLIS CO | a59123e10vk.htm |
| EX-21 - EX-21 - GRUBB & ELLIS CO | a59123exv21.htm |
| EX-32 - EX-32 - GRUBB & ELLIS CO | a59123exv32.htm |
| EX-31.2 - EX-31.2 - GRUBB & ELLIS CO | a59123exv31w2.htm |
| EX-23.2 - EX-23.2 - GRUBB & ELLIS CO | a59123exv23w2.htm |
| EX-23.1 - EX-23.1 - GRUBB & ELLIS CO | a59123exv23w1.htm |
| EX-31.1 - EX-31.1 - GRUBB & ELLIS CO | a59123exv31w1.htm |
Exhibit 12.1
COMPUTATION
OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
The following table presents our historical ratios of earnings
to fixed charges for the periods indicated.
The ratios are based solely on historical financial information
and no pro forma adjustments have been made.
| Year Ended December 31, | ||||||||||||||||||||
|
(In thousands, except for ratios)
|
2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
|
Fixed Charges
|
||||||||||||||||||||
|
Interest and related amortization of borrowing costs
|
$ | 10,917 | $ | 18,313 | $ | 21,730 | $ | 17,260 | $ | 8,337 | ||||||||||
|
Estimate of the interest portion of rental expense
|
7,061 | 7,165 | 6,965 | 1,374 | 970 | |||||||||||||||
|
Preferred stock dividends
|
11,588 | 1,770 | — | — | — | |||||||||||||||
|
Fixed Charges
|
$ | 29,566 | $ | 27,248 | $ | 28,695 | $ | 18,634 | $ | 9,307 | ||||||||||
|
Earnings
|
||||||||||||||||||||
|
(Loss) income from continuing operations before taxes
|
$ | (70,871 | ) | $ | (83,650 | ) | $ | (295,477 | ) | $ | 40,262 | $ | 13,571 | |||||||
|
Less: Equity in losses (earnings) of unconsolidated entities
|
1,413 | 1,148 | 13,311 | (2,029 | ) | (1,948 | ) | |||||||||||||
|
Plus: Distributions from unconsolidated entities
|
— | 185 | 50 | 75 | — | |||||||||||||||
|
Noncontrolling interest in subsidiaries with earnings and no
fixed charges
|
(230 | ) | (129 | ) | (629 | ) | (839 | ) | (308 | ) | ||||||||||
|
Plus: Fixed charges
|
29,566 | 27,248 | 28,695 | 18,634 | 9,307 | |||||||||||||||
|
Less: Preferred stock dividends
|
(11,588 | ) | (1,770 | ) | — | — | — | |||||||||||||
|
Earnings
|
$ | (51,710 | ) | $ | (56,968 | ) | $ | (254,050 | ) | $ | 56,103 | $ | 20,622 | |||||||
|
Ratio of earnings to fixed charges(1)
|
— | — | — | 3.0 | 2.2 | |||||||||||||||
|
The amount of coverage deficiency
|
$ | 81,276 | $ | 84,216 | $ | 282,745 | — | — | ||||||||||||
| (1) | For purposes of calculating the ratio of earnings to fixed charges, earnings include net income before taxes, less noncontrolling interest in subsidiaries with earnings and no fixed charges, less equity in earnings of 50% or less owned subsidiaries, plus distributions from 50% or less owned subsidiaries, plus total fixed charges less preferred sock dividends. Fixed charges represent interest, borrowing costs and estimates of interest within rental expenses and preferred stock dividends. |
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