Years Ended December 31, | ||||||||||||||||||||
Earnings: | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Income (loss) from continuing operations before equity in income (loss) of unconsolidated entities and income taxes | $ | 120,812 | $ | 34,590 | $ | 36,704 | $ | 8,894 | $ | (85,574 | ) | |||||||||
Gain on sales of real estate, excluding discontinued operations | 68,047 | 10,671 | 9,016 | 21 | 2,732 | |||||||||||||||
Fixed charges (from below) | 96,867 | 99,243 | 99,676 | 111,825 | 122,397 | |||||||||||||||
Amortization of capitalized interest | 2,591 | 2,374 | 1,977 | 1,798 | 1,610 | |||||||||||||||
Distributed income (loss) of equity investees | 361 | 225 | 1,857 | — | (31 | ) | ||||||||||||||
Subtract: | ||||||||||||||||||||
Capitalized interest (from below) | (7,151 | ) | (6,065 | ) | (8,785 | ) | (13,903 | ) | (17,400 | ) | ||||||||||
Preferred distributions of other consolidated entities | (16 | ) | (16 | ) | (16 | ) | — | — | ||||||||||||
Total earnings | $ | 281,511 | $ | 141,022 | $ | 140,429 | $ | 108,635 | $ | 23,734 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense on continuing operations | $ | 89,074 | $ | 92,393 | $ | 82,010 | $ | 86,401 | $ | 90,037 | ||||||||||
Interest expense on discontinued operations | — | — | 8,221 | 10,397 | 14,264 | |||||||||||||||
Capitalized interest (internal and external) | 7,151 | 6,065 | 8,785 | 13,903 | 17,400 | |||||||||||||||
Amortization of debt issuance costs-capitalized | 8 | 186 | 144 | 649 | 183 | |||||||||||||||
Interest included in rental expense | 618 | 583 | 500 | 475 | 513 | |||||||||||||||
Preferred distributions of other consolidated entities | 16 | 16 | 16 | — | — | |||||||||||||||
Total fixed charges | $ | 96,867 | $ | 99,243 | $ | 99,676 | $ | 111,825 | $ | 122,397 | ||||||||||
Ratio of earnings to fixed charges | 2.91 | 1.42 | 1.41 | 0.97 | 0.19 | |||||||||||||||
$ | 3,190 | $ | 98,663 |