EX-12.1 6 dex121.htm EXHIBIT 12.1 EXHIBIT 12.1
Computation of Ratios   Exhibit 12.1

 

Calculation of Earnings:

    2003
     2002
     2001
  

Income from continuing operations before income taxes, minority interest, and gain on sale of properties and impairment losses on real estate

    72,369     84,365     77,350  

Less: Equity in earnings

    (7,034 )   (7,188 )   (9,322 )

Add: Gain (loss) on sale of properties and impairment losses on real estate

    (3,095 )   13,156     2,964  
    
 
 

Income from continuing operations before income taxes, adjustment for minority interest and income from equity investees

    62,240     90,333     70,992  

Additions:

                   

Fixed Charges

                   

Interest expense

    104,492     99,018     83,676  

Capitalized interest

    1,696     3,274     6,221  
    
 
 
     106,188     102,292     89,897  

(1)      Amortization of capitalized interest

    2,394     2,352     2,270  

(2)      Distributed income of equity investees

    7,034     7,188     9,322  

Subtractions:

                   

Capitalized interest

    (1,696 )   (3,274 )   (6,221 )
    
 
 

Adjusted Earnings

    176,160     198,891     166,260  
    
 
 

Fixed Charges (from above)

    106,188     102,292     89,897  

Preferred Stock Dividends

    18,021     30,055     34,705  

Ratio of Earnings to Fixed Charges

    1.66     1.94     1.85  

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

    1.42     1.50     1.33  

 

(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 exceeded equity in earnings for each period.