| Year Ended December 31, | ||||||||||||||||||||
| Earnings | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
(Loss) income from continuing operations before
noncontrolling interests and income from unconsolidated
entities |
$ | (23,826 | ) | $ | (141,560 | ) | $ | (50,846 | ) | $ | 255,316 | $ | 172,726 | |||||||
Add: |
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Fixed charges |
176,700 | 177,857 | 212,940 | 206,929 | 231,867 | |||||||||||||||
Amortization of capitalized interest |
8,621 | 7,474 | 6,280 | 4,621 | 2,770 | |||||||||||||||
Distributed income from unconsolidated entities |
25,424 | 11,687 | 24,279 | 18,930 | 4,875 | |||||||||||||||
Less: |
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Interest capitalization |
(35,177 | ) | (44,869 | ) | (64,354 | ) | (64,014 | ) | (42,938 | ) | ||||||||||
Total earnings |
$ | 151,742 | $ | 10,589 | $ | 128,299 | $ | 421,782 | $ | 369,300 | ||||||||||
Fixed charges |
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Interest on indebtedness (including amortization of
premiums and financings costs) |
$ | 130,387 | $ | 118,043 | $ | 132,763 | $ | 125,337 | $ | 163,690 | ||||||||||
Interest capitalized |
35,177 | 44,869 | 64,354 | 64,014 | 42,938 | |||||||||||||||
Portion of rents representative of the interest factor |
11,136 | 10,650 | 10,096 | 9,536 | 8,777 | |||||||||||||||
Preferred distributions of consolidated subsidiaries |
— | 4,295 | 5,727 | 8,042 | 16,462 | |||||||||||||||
Total fixed charges |
$ | 176,700 | $ | 177,857 | $ | 212,940 | $ | 206,929 | $ | 231,867 | ||||||||||
Preferred stock dividends |
15,806 | 15,806 | 15,806 | 15,806 | 13,582 | |||||||||||||||
Total combined fixed charges and preferred stock dividends |
$ | 192,506 | $ | 193,663 | $ | 228,746 | $ | 222,735 | $ | 245,449 | ||||||||||
Consolidated ratio of earnings to combined fixed charges
and preferred stock dividends(1) |
— | — | — | 1.9 | 1.5 | |||||||||||||||
| (1) | The ratio of earnings to combined fixed charges and preferred stock dividends was less than one-to-one for the years ended December 31, 2010, December 31, 2009 and December 31, 2008. For the years ended December 31, 2010, December 31, 2009 and December 31, 2008, earnings were insufficient to cover combined fixed charges and preferred stock dividends by $40.8 million, $183.1 million and $100.4 million, respectively. |