EXHIBIT 12.1
KOGER EQUITY, INC.
Ratio of Earnings to Fixed Charges
(In Thousands except Ratios)
| (For the Years Ended December 31,) |
||||||||||||||||||||
| 2003 |
2002 |
2001 |
2000 |
1999 |
||||||||||||||||
| EARNINGS: |
||||||||||||||||||||
| Net Income |
$ | 16,691 | $ | 16,423 | $ | 73,223 | $ | 27,153 | $ | 36,586 | ||||||||||
| Adjustments: |
||||||||||||||||||||
| Income tax (benefit) provision |
(94 | ) | (413 | ) | 684 | (21 | ) | 187 | ||||||||||||
| Minority Interest |
— | 20 | 1,044 | 1,156 | 1,174 | |||||||||||||||
| Equity in earnings of unconsolidated subsidiary |
— | — | (81 | ) | (645 | ) | (1,099 | ) | ||||||||||||
| Interest Expense |
27,784 | 23,252 | 25,204 | 27,268 | 21,893 | |||||||||||||||
| Amortization of loan costs |
1,465 | 1,893 | 908 | 888 | 836 | |||||||||||||||
| Distributed income of equity investees |
— | 2,750 | — | 438 | 448 | |||||||||||||||
| Interest capitalized |
— | — | (207 | ) | (1,059 | ) | (3,343 | ) | ||||||||||||
| Gain on sale of assets |
573 | (21 | ) | (39,189 | ) | (6,015 | ) | (3,851 | ) | |||||||||||
| Earnings |
$ | 46,419 | $ | 43,904 | $ | 61,586 | $ | 49,163 | $ | 52,831 | ||||||||||
| FIXED CHARGES: |
||||||||||||||||||||
| Dividends on preferred stock |
$ | 1,995 | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Interest Expense |
27,784 | 23,252 | 25,204 | 27,268 | 21,893 | |||||||||||||||
| Interest Capitalized |
— | — | 207 | 1,059 | 3,343 | |||||||||||||||
| Amortization of loan costs |
1,465 | 1,893 | 908 | 888 | 836 | |||||||||||||||
| Total Fixed Charges |
$ | 31,244 | $ | 25,145 | $ | 26,319 | $ | 29,215 | 26,072 | |||||||||||
| RATIO OF EARNINGS TO FIXED CHARGES |
1.49 | 1.75 | 2.34 | 1.68 | 2.01 | |||||||||||||||