EX-12.1 2 pdm123114ex121.htm CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES 2014 PDM 12.31.14 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,
 
2014
 
2013
 
2012
 
2011
 
2010
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest Expense
$
76,520

 
$
73,614

 
$
65,023

 
$
65,817

 
$
66,486

Interest Expense Included in Discontinued Operations
—

 
—

 
—

 
5,932

 
6,274

     Total
76,520

 
73,614

 
65,023

 
71,749

 
72,760

Earnings:
 
 
 
 
 
 
 
 
 
Income from Continuing Operations
41,211

 
72,199

 
59,534

 
83,640

 
103,979

Less Equity in (Income)/Loss of Unconsolidated Joint Ventures
350

 
3,676

 
(923
)
 
(1,619
)
 
(2,633
)
Operating Distributions Received from Unconsolidated Joint Ventures
266

 
1,475

 
2,338

 
2,932

 
4,463

Fixed Charges
76,520

 
73,614

 
65,023

 
71,749

 
72,760

Less Preferred Dividends of Consolidated Subsidiaries
(15
)
 
(15
)
 
(15
)
 
(15
)
 
(15
)
     Total
$
118,332

 
$
150,949

 
$
125,957

 
$
156,687

 
$
178,554

Ratio of Earnings to Fixed Charges:(1)
1.5
 
2.1
 
1.9
 
2.2
 
2.5

(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.