EX-12.1 4 rpt_12312013xex121.htm EXHIBIT 12.1 RPT_12.31.2013_EX 12.1


Exhibit 12.1

 
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
 
 
 
(In thousands, except ratio computation)
 
Pretax gain (loss) from continuing operations before adjustment for noncontrolling interest
 
$
8,371

 
$
7,171

 
$
(29,418
)
 
$
(24,063
)
 
$
8,228

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Add back:
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
31,918

 
28,618

 
29,867

 
33,928

 
30,624

 
 
Distributed income of equity investees
 
3,232

 
3,793

 
4,413

 
2,904

 
3,836

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deduct:
 
 
 
 
 
 
 
 
 
 
 
 
Equity in (earnings) loss of equity investees
 
4,759

 
(3,248
)
 
(1,669
)
 
221

 
(1,328
)
 
 
Capitalized interest
 
(1,161
)
 
(996
)
 
(325
)
 
(1,158
)
 
(2,116
)
 
Earnings as Defined
 
$
47,119

 
$
35,338

 
$
2,868

 
$
11,832

 
$
39,244

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense including amortization of deferred financing fees
 
$
30,522

 
$
27,344

 
$
29,240

 
$
32,450

 
$
28,187

 
 
Capitalized interest
 
1,161

 
996

 
325

 
1,158

 
2,116

 
 
Interest portion of rent expense
 
235

 
278

 
302

 
320

 
321

 
Fixed Charges
 
$
31,918

 
$
28,618

 
$
29,867

 
$
33,928

 
$
30,624

 
 
Preferred share dividends
 
7,250

 
7,250

 
5,244

 
—

 
—

 
Combined Fixed Charges and Preferred Dividends
 
$
39,168

 
$
35,868

 
$
35,111

 
$
33,928

 
$
30,624

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
 
1.20

 
(a)
 
(b)
 
(c)
 
$
1.28

 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Due to the reduced income from continuing operations, as restated for discontinued operations, for year ended December 31, 2012, the ratio coverage was less than 1:1. We would have needed to generate additional earnings from continuing operations of $0.5 million to achieve a coverage of 1:1 for 2012.
(b) Due to the pretax loss from continuing operations, as restated for discontinued operations, for year ended December 31, 2011, the ratio coverage was less than 1:1. We would have needed to generate additional earnings from continuing operations of $32.2 million to achieve a coverage of 1:1 for 2011.
(c) Due to the pretax loss from continuing operations, as restated for discontinued operations, for year ended December 31, 2010, the ratio coverage was less than 1:1. We would have needed to generate additional earnings from continuing operations of $22.1 million to achieve a coverage of 1:1 for 2010.