EX-12.1 4 dex121.txt EXHIBIT 12.1 COMPUTATION OF RATIOS EXHIBIT 12.1
Calculation of Earnings: 2001 2000 1999 ---- ---- ---- Income from Continuing Operations before income taxes, minority interest, and gain on sale of assets and other provisions, net 86,866 130,330 114,639 Less: Equity in earnings (9,322) (7,596) (5,167) Add: Gain on sale of assets and other provisions, pre-tax 2,964 55,047 55,453 --------------------------------- Pre-tax income from continuing ops. before adjustment for minority interest and income from equity investees 80,508 177,781 164,925 Additions: Fixed Charges Interest Expense 82,547 98,348 89,057 Capitalized Interest 6,221 12,367 26,485 Amortized discounts or premium on debt 1,610 2,305 2,165 Deferred Financing Costs 1,069 1,841 1,915 --------------------------------- 91,447 114,861 119,622 (1) Amortization of Cap'd Int 2,270 2,114 1,805 (2) Distributed income of equity investees 9,322 7,596 5,167 Subtractions: Capitalized Interest (6,221) (12,367) (26,485) --------------------------------- Adjusted Earnings 177,326 289,985 265,034 --------------------------------- Fixed Charges (from above) 91,447 114,861 119,622 Preferred Stock Dividends 34,705 35,206 35,448 Ratio of Earnings to Fixed Charges 1.94 2.52 2.22 Ratio of Earnings to Fixed Charges 1.41 1.93 1.71 and Preferred Stock Dividends
(1) Represents an estimate of capitalized interest costs based on the Company's established depreciation policy and an analysis of interest costs capitalized since 1996 (the year in which CarrAmerica began significant development activity). (2) Represents an estimate of distributed income. Amount is based upon equity in earnings for each period due to the fact that distributions per the cash flow exceeded equity in earnings for each period.