Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - COUSINS PROPERTIES INC | d282110d10k.htm |
| EX-21 - EXHIBIT 21 - COUSINS PROPERTIES INC | d282110dex21.htm |
| EX-23 - EXHIBIT 23 - COUSINS PROPERTIES INC | d282110dex23.htm |
| EX-31.1 - EXHIBIT 31.1 - COUSINS PROPERTIES INC | d282110dex311.htm |
| EX-32.1 - EXHIBIT 32.1 - COUSINS PROPERTIES INC | d282110dex321.htm |
| EX-32.2 - EXHIBIT 32.2 - COUSINS PROPERTIES INC | d282110dex322.htm |
| EX-31.2 - EXHIBIT 31.2 - COUSINS PROPERTIES INC | d282110dex312.htm |
Exhibit 12
COUSINS PROPERTIES INCORPORATED
STATEMENT REGARDING COMPUTATION OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED DIVIDENDS
(in thousands)
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
| Earnings: |
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| Loss from continuing operations before taxes, unconsolidated joint ventures, sale of investment properties and net income attributable to noncontrolling interests (A) |
$ | (120,219 | ) | $ | (36,452 | ) | $ | (77,036 | ) | $ | (5,631 | ) | $ | (1,421 | ) | |||||
| Add: |
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| Gain on sale of investment property |
3,494 | 1,938 | 168,637 | 10,180 | 5,535 | |||||||||||||||
| Distributed income of equity investees |
8,918 | 11,394 | 7,237 | 23,751 | 7,716 | |||||||||||||||
| Amortization of capitalized interest |
1,497 | 2,020 | 2,821 | 1,726 | 1,168 | |||||||||||||||
| Fixed charges |
28,588 | 37,401 | 43,722 | 42,727 | 32,002 | |||||||||||||||
| Subtract: |
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| Capitalized interest |
(600 | ) | — | (3,736 | ) | (14,894 | ) | (23,474 | ) | |||||||||||
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| Earnings |
$ | (78,322 | ) | $ | 16,301 | $ | 141,645 | $ | 57,859 | $ | 21,526 | |||||||||
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| Combined Fixed Charges and Preferred Stock Dividends: |
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| Interest expense |
$ | 27,784 | $ | 37,180 | $ | 39,759 | $ | 27,602 | $ | 8,268 | ||||||||||
| Capitalized interest |
600 | — | 3,736 | 14,894 | 23,474 | |||||||||||||||
| Interest component of rental expense (30%) |
204 | 221 | 227 | 231 | 260 | |||||||||||||||
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| Total Fixed Charges |
28,588 | 37,401 | 43,722 | 42,727 | 32,002 | |||||||||||||||
| Preferred stock dividends |
(12,907 | ) | (12,907 | ) | (12,907 | ) | (14,957 | ) | (15,250 | ) | ||||||||||
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| Combined Fixed Charges and Preferred Stock Dividends |
$ | 15,681 | $ | 24,494 | $ | 30,815 | $ | 27,770 | $ | 16,752 | ||||||||||
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| Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends |
(B | ) | 0.67 | 4.60 | 2.08 | 1.28 | ||||||||||||||
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| (A) | Prior years have been restated for the effect of discontinued operations. Therefore, the ratios are not comparable to amounts previously presented. |
| (B) | In 2011, the Company's Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends was negative. In addition, to the effect of discontinued operations, the Company recognized impairment losses of $107.8 million in 2011. |