Year ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||
Earnings: | |||||||||||||||||||
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests (1) (2) (3) | $ | 102,281 | $ | 59,771 | $ | 52,554 | $ | 38,806 | $ | 74,221 | |||||||||
Add: | |||||||||||||||||||
Distributed income of unconsolidated joint ventures | 5,853 | 1,005 | 499 | 653 | 660 | ||||||||||||||
Amortization of capitalized interest | 513 | 509 | 507 | 492 | 474 | ||||||||||||||
Interest expense | 51,616 | 49,814 | 45,382 | 41,789 | 37,684 | ||||||||||||||
Portion of rent expense - interest factor | 2,078 | 1,908 | 1,938 | 1,753 | 1,743 | ||||||||||||||
Total earnings | 162,341 | 113,007 | 100,880 | 83,493 | 114,782 | ||||||||||||||
Fixed charges: | |||||||||||||||||||
Interest expense | 51,616 | 49,814 | 45,382 | 41,789 | 37,684 | ||||||||||||||
Capitalized interest and capitalized amortization of debt issue costs | 1,628 | 1,233 | 413 | 1,527 | 310 | ||||||||||||||
Portion of rent expense - interest factor | 2,078 | 1,908 | 1,938 | 1,753 | 1,743 | ||||||||||||||
Total fixed charges | $ | 55,322 | $ | 52,955 | $ | 47,733 | $ | 45,069 | $ | 39,737 | |||||||||
Ratio of earnings to fixed charges | 2.9 | 2.1 | 2.1 | 1.9 | 2.9 | ||||||||||||||
Earnings: | |||||||||||||||||||
Income before equity in earnings (losses) of unconsolidated joint ventures and discontinued operations (1) (2) (3) | $ | 102,281 | $ | 59,771 | $ | 52,554 | $ | 38,806 | $ | 74,221 | |||||||||
Add: | |||||||||||||||||||
Distributed income of unconsolidated joint ventures | 5,853 | 1,005 | 499 | 653 | 660 | ||||||||||||||
Amortization of capitalized interest | 513 | 509 | 507 | 492 | 474 | ||||||||||||||
Interest expense | 51,616 | 49,814 | 45,382 | 41,789 | 37,684 | ||||||||||||||
Portion of rent expense - interest factor | 2,078 | 1,908 | 1,938 | 1,753 | 1,743 | ||||||||||||||
Total earnings | 162,341 | 113,007 | 100,880 | 83,493 | 114,782 | ||||||||||||||
Fixed charges and preferred unit distributions: | |||||||||||||||||||
Interest expense | 51,616 | 49,814 | 45,382 | 41,789 | 37,684 | ||||||||||||||
Capitalized interest and capitalized amortization of debt issue costs | 1,628 | 1,233 | 413 | 1,527 | 310 | ||||||||||||||
Portion of rent expense - interest factor | 2,078 | 1,908 | 1,938 | 1,753 | 1,743 | ||||||||||||||
Preferred unit distributions | — | — | — | 5,297 | 5,625 | ||||||||||||||
Total combined fixed charges and preferred unit distributions | $ | 55,322 | $ | 52,955 | $ | 47,733 | $ | 50,366 | $ | 45,362 | |||||||||
Ratio of earnings to combined fixed charges and preferred unit distributions | 2.9 | 2.1 | 2.1 | 1.7 | 2.5 |
(1) | Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests for the period ended December 31, 2013, includes a $26.0 million gain on a previously held interest in an acquired joint venture. |
(2) | The year ended December 31, 2010 includes a loss on termination of derivatives of $6.1 million. |
(3) | The year ended December 31, 2009 includes a $10.5 million gain on early extinguishment of debt from an exchange offer of common shares for convertible debt and a $31.5 million gain on acquisition of previously held unconsolidated joint venture interest. |