EX-12.1 34 exhibit121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

Calculation of Ratio of Earnings to Total Fixed Charges

The following table sets forth information regarding our ratio of earnings to fixed charges for each of the periods shown.

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
Year Ended December 31,
 
2017
 
2017
 
2016
 
2015
 
2014
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
$
2,505

 
$
3,865

 
$
33,950

 
$
33,911

 
$
5,003

Equity in (income)/loss of unconsolidated joint ventures
(201
)
 
(507
)
 
(7,691
)
 
(13,767
)
 
(8,443
)
 
2,304

 
3,358

 
26,259

 
20,144

 
(3,440
)
Add/(deduct):
 
 
 
 
 
 
 
 
 
+ Fixed charges
6,495

 
8,624

 
7,849

 
5,011

 
2,091

+ Amortization of previously capitalized interest
1,720

 
3,271

 
5,331

 
2,596

 
532

+ Distributed income from unconsolidated joint ventures
—

 
1,588

 
3,742

 
18,477

 
6,040

Less: capitalized interest
(6,401
)
 
(8,437
)
 
(7,484
)
 
(4,722
)
 
(1,857
)
Earnings available for fixed charges
$
4,118

 
$
8,404

 
$
35,697

 
$
41,506

 
$
3,366

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest incurred
$
6,401

 
$
8,437

 
$
7,484

 
$
4,722

 
$
1,857

Rental expense interest factor
$
94

 
$
187

 
$
365

 
$
289

 
$
234

Total fixed charges
$
6,495

 
$
8,624

 
$
7,849

 
$
5,011

 
$
2,091

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (a)
—

 
—

 
4.55
x
 
8.28
x
 
1.61
x
Excess of fixed charges to earnings
$
2,377

 
$
220

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
(a) There was no outstanding preferred stock during the periods presented; therefore, the ratio of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividends were the same.