EX-12.1 4 pdm-12312013ex121.htm CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES PDM - 12.31.2013 EX 12.1


Exhibit 12.1

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (in thousands, except ratios)

 
Year ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest Expense
$
73,614

 
$
65,023

 
$
65,817

 
$
66,486

 
$
71,464

Interest Expense Included in Discontinued Operations
—

 
—

 
5,932

 
6,274

 
6,279

     Total
73,614

 
65,023

 
71,749

 
72,760

 
77,743

Earnings:
 
 
 
 
 
 
 
 
 
Income from Continuing Operations
71,492

 
60,140

 
84,049

 
104,449

 
68,750

Less Equity in (Income)/Loss of Unconsolidated Joint Ventures
3,676

 
(923
)
 
(1,619
)
 
(2,633
)
 
(104
)
Operating Distributions Received from Unconsolidated Joint Ventures
1,475

 
2,338

 
2,932

 
4,463

 
4,445

Fixed Charges
73,614

 
65,023

 
71,749

 
72,760

 
77,743

Less Preferred Dividends of Consolidated Subsidiaries
(15
)
 
(15
)
 
(15
)
 
(15
)
 
(15
)
     Total
$
150,242

 
$
126,563

 
$
157,096

 
$
179,024

 
$
150,819

Ratio of Earnings to Fixed Charges:(1)
2.0
 
1.9
 
2.2
 
2.5
 
1.9

(1)    There was no preferred stock outstanding for any of the periods shown above. Accordingly, the ratio of earnings to combined fixed charges and
preferred stock dividends was identical to the ratio of earnings to fixed charges for each period.