EX-12.1 2 iretexhibit121-04302013.htm CALCULATION OF RATIO OF EARNINGS
Exhibit 12.1
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SHARE DISTRIBUTIONS
(Unaudited)
The following table sets forth our ratios of earnings to fixed charges and earnings to combined fixed charges and preferred share dividends for the periods indicated. The ratio of earnings to fixed charges was computed by dividing earnings by our fixed charges. The ratio of earnings to combined fixed charges and preferred share dividends was computed by dividing earnings by our combined fixed charges and preferred share dividends. For purposes of calculating these ratios, earnings consist of income from continuing operations plus fixed charges, less (income) loss from non-controlling interests and interest capitalized. Fixed charges consist of interest charges on all indebtedness, whether expensed or capitalized, the interest component of rental expense and the amortization of debt discounts and issue costs, whether expensed or capitalized. Preferred share dividends consist of dividends on our Series A preferred shares.


 
 
(in thousands, except ratios)
 
 
Fiscal Year Ended April 30,
 
 
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
$
22,964
$
9,763
$
4,373
$
5,534
$
9,512
Add:
 
 
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred distributions (see below)
 
73,657
 
68,172
 
64,954
 
71,497
 
72,027
Less:
 
 
 
 
 
 
 
 
 
 
 
 
(Income) loss noncontrolling interests – consolidated real estate entities
 
(809)
 
(135)
 
180
 
(22)
 
40
 
Interest capitalized
 
(742)
 
(571)
 
(57)
 
(19)
 
(912)
 
Preferred distributions
 
(9,229)
 
(2,372)
 
(2,372)
 
(2,372)
 
(2,372)
Total earnings
$
85,841
$
74,857
$
67,078
$
74,618
$
78,295
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
 
 
 
 
 
 
 
 
 
 
Interest expensed
$
63,686
 
65,229
 
62,525
 
69,106
 
68,743
 
Interest capitalized
 
742
 
571
 
57
 
19
 
912
Total fixed charges
$
64,428
$
65,800
$
62,582
$
69,125
$
69,655
 
Preferred distributions
 
9,229
 
2,372
 
2,372
 
2,372
 
2,372
Total combined fixed charges and preferred distributions
$
73,657
$
68,172
$
64,954
$
71,497
$
72,027
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.33
 
1.14
 
1.07
 
1.08
 
1.12
Ratio of earnings to combined fixed charges and preferred distributions
 
1.17
 
1.10
 
1.03
 
1.04
 
1.09