EX-12.1 4 dex121.htm STATEMENTS REGARDING THE COMPUTATION OF RATIOS Statements Regarding the Computation of Ratios

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES AND

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND

PREFERRED UNIT DISTRIBUTIONS

 

     Year Ended December 31,
     2006    2005    2004    2003    2002
     (dollars in thousands)

Earnings:

              

Income from continuing operations before minority interest and equity in earnings of unconsolidated affiliates

   $ 32,091    $ 18,020    $ 13,046    $ 848    $ 28,415

Contractual interest expense

     94,193      98,677      104,594      117,653      118,086

Amortization of deferred financing costs

     2,375      3,372      3,698      4,398      3,647

Financing obligations interest expense

     4,162      5,032      9,999      17,691      12,488

Distributions of earnings from unconsolidated affiliates

     7,335      8,516      6,410      4,320      5,612
                                  

Total earnings

   $ 140,156    $ 133,617    $ 137,747    $ 144,910    $ 168,248
                                  

Fixed charges and Preferred Unit distributions

              

Contractual interest expense

   $ 94,193    $ 98,677    $ 104,594    $ 117,653    $ 118,086

Amortization of deferred financing costs

     2,375      3,372      3,698      4,398      3,647

Financing obligations interest expense

     4,162      5,032      9,999      17,691      12,488

Capitalized interest

     5,002      2,900      1,058      1,398      5,461

Interest component of rental expense

     1,481      1,606      1,789      1,721      1,898
                                  

Total fixed charges

     107,213      111,587      121,138      142,861      141,580

Preferred Unit distributions

     17,063      27,238      30,852      30,852      30,852
                                  

Total fixed charges and Preferred Unit distributions

   $ 124,276    $ 138,825    $ 151,990    $ 173,713    $ 172,432
                                  

Ratio of earnings to fixed charges

     1.31      1.20      1.14      1.01      1.19
                                  

Ratio of earnings to combined fixed charges and Preferred Unit distributions

     1.13      0.96      0.91      0.83      0.98