EX-12.1 4 d36747exv12w1.htm STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS exv12w1
 

Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
                                                 
    Year Ended December 31,   Three Months Ended
    2001   2002   2003   2004   2005   March 31, 2006
Pre tax Earnings before minority interest and gain on issuance of units of the Partnership
  $ (4,025 )   $ 418     $ 10,426     $ 22,088     $ 18,765     $ 1,954  
Add back fixed charges:
                                               
Interest Expense
    2,253       2,717       3,392       9,339       16,076       8,679  
Less Pre-tax earnings required to pay preferred dividends
    (3,031 )     (4,648 )     (5,514 )     (208 )            
     
Earnings before fixed charges and preferred dividends
  $ (4,803 )   $ (1,513 )   $ 8,304     $ 31,219     $ 34,841     $ 10,633  
     
 
                                               
Fixed Charges:
                                               
Capitalized Interest
                            883       1,470  
Interest expense
    2,253       2,717       3,392       9,339       16,076       8,679  
 
                                               
Pre-tax earnings required to pay preferred dividends
    3,031       4,648       5,514       208              
     
Total Fixed Charges and Preferred Dividends
  $ 5,284     $ 7,365     $ 8,906     $ 9,547     $ 16,959     $ 10,149  
     
 
                                               
Ratio of earnings to combined fixed charges and preferred dividends
                0.9     3.3     2.1     1.0
 
                                               
Earnings inadequate to cover fixed charges
  $ (10,087 )   $ (8,878 )