EX-12.1 3 irc-12312012xex12.htm EXHIBIT 12.1 IRC-12.31.2012-Ex 12


Exhibit 12. Computation of Ratios
 
 
 
 
 
 
 
 
 
 
Debt to Total Market Capitalization Ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
 
Year Ended
 
 
 
December 31, 2012
 
December 31, 2012
 
 
 
excluding unconsolidated
 
including pro rata share of
Dollars in thousands
 
joint venture debt
 
unconsolidated joint venture debt
 
 
 
 
 
 
Total Common Shares Outstanding
 
89,366

 
89,366

Closing Price Per Share
 
8.38

 
8.38

Equity Market Capitalization Common Shares
748,887

 
748,887

Preferred Stock (at face value)
 
110,000

 
110,000

Total Debt
 
 
746,576

 
982,517

Total Market Capitalization
 
1,605,463

 
1,841,404

Debt to Total Market Capitalization
 
46.5
%
 
53.4
%
 
 
 
 
 
 
Interest Expense Coverage Ratio
 
 
 
 
 
 
 
 
 
 
See Part II, Item 7, page 60 of this Form 10-K for the calculation