EX-12.1 4 pdm123116ex121.htm CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit


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,
 
2016
 
2015
 
2014
 
2013
 
2012
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest Expense
$
69,415

 
$
77,764

 
$
76,520

 
$
73,614

 
$
65,023

Interest Expense Included in Discontinued Operations
—

 
—

 
—

 
—

 
—

     Total
69,415

 
77,764

 
76,520

 
73,614

 
65,023

Earnings:
 
 
 
 
 
 
 
 
 
Income from Continuing Operations
107,872

 
172,922

 
41,211

 
72,198

 
59,534

Less Equity in (Income)/Loss of Unconsolidated Joint Ventures
(362
)
 
(553
)
 
350

 
3,676

 
(923
)
Operating Distributions Received from Unconsolidated Joint Ventures
579

 
774

 
266

 
1,475

 
2,338

Fixed Charges
69,415

 
77,764

 
76,520

 
73,614

 
65,023

Less Preferred Dividends of Consolidated Subsidiaries
(15
)
 
(15
)
 
(15
)
 
(15
)
 
(15
)
     Total
$
177,489

 
$
250,892

 
$
118,332

 
$
150,948

 
$
125,957

Ratio of Earnings to Fixed Charges:(1)
2.6
 
3.2
 
1.5
 
2.1
 
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.