Attached files
| file | filename |
|---|---|
| 10-K - 10-K - ISTAR INC. | a2201748z10-k.htm |
| EX-12.1 - EX-12.1 - ISTAR INC. | a2201748zex-12_1.htm |
| EX-31.0 - EX-31.0 - ISTAR INC. | a2201748zex-31_0.htm |
| EX-23.1 - EX-23.1 - ISTAR INC. | a2201748zex-23_1.htm |
| EX-32.0 - EX-32.0 - ISTAR INC. | a2201748zex-32_0.htm |
| EX-21.1 - EX-21.1 - ISTAR INC. | a2201748zex-21_1.htm |
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Computation of Ratio of Adjusted EBITDA to interest expense and preferred dividends
$ in thousands, except ratios
| |
For the Years Ended December 31, | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||
Adjusted EBITDA(1): |
|||||||||||||||||
Net income (loss) |
$ | 80,206 | $ | (769,847 | ) | $ | (181,767 | ) | $ | 236,602 | $ | 376,034 | |||||
Add: Interest expense(2) |
346,500 | 481,116 | 666,706 | 629,272 | 429,807 | ||||||||||||
Add: Depreciation, depletion and amortization(3) |
69,916 | 98,238 | 102,745 | 99,427 | 83,058 | ||||||||||||
Add: Joint venture depreciation and amortization |
9,858 | 17,990 | 14,466 | 40,826 | 14,941 | ||||||||||||
Add: Income taxes |
7,023 | 4,141 | 10,175 | 6,972 | 891 | ||||||||||||
Add: Provision for loan losses |
331,487 | 1,255,357 | 1,029,322 | 185,000 | 14,000 | ||||||||||||
Add: Impairment of assets(4) |
22,381 | 141,018 | 334,830 | 144,184 | 5,683 | ||||||||||||
Add: Stock-based compensation expense |
19,355 | 23,593 | 23,542 | 17,601 | 11,435 | ||||||||||||
Less: Gain on early extinguishment of debt, net |
(108,923 | ) | (547,349 | ) | (393,131 | ) | (225 | ) | — | ||||||||
Total Adjusted EBITDA(1) |
$ | 777,803 | $ | 704,257 | $ | 1,606,888 | $ | 1,359,659 | $ | 935,849 | |||||||
Interest expense and preferred dividends: |
|||||||||||||||||
Interest expense(2) |
$ | 346,500 | $ | 481,116 | $ | 666,706 | $ | 629,272 | $ | 429,807 | |||||||
Preferred dividends |
42,320 | 42,320 | 42,320 | 42,320 | 42,320 | ||||||||||||
Total interest expense and preferred dividends |
$ | 388,820 | $ | 523,436 | $ | 709,026 | $ | 671,592 | $ | 472,127 | |||||||
Adjusted EBITDA/interest expense and preferred dividends |
2.0 | x | 1.4 | x | 2.3 | x | 2.0 | x | 2.0 | x | |||||||
Explanatory Notes:
- (1)
- Adjusted
EBITDA should be examined in conjunction with net income (loss) as shown in the Company's Consolidated Statements of Operations. Adjusted EBITDA
should not be considered as an alternative to net income (loss) (determined in accordance with GAAP) as an indicator of the Company's performance, or to cash flows from operating activities
(determined in accordance with GAAP) as a measure of the Company's liquidity, nor is Adjusted EBITDA indicative of funds available to fund the Company's cash needs or available for distribution to
shareholders. Rather, Adjusted EBITDA is an additional measure for the Company to use to analyze how its business is performing. In addition, in calculating its ratio of Adjusted EBITDA to interest
expense and preferred stock dividends, the Company makes adjustments for impairments of assets and provisions for loan losses because they are significant non-cash items and the Company
believes that investors may find it useful to consider the Company's coverage of its interest and preferred dividend payments without the effect of these non-cash items, as an additional
measure to earnings to fixed charges. It should be noted that the Company's manner of calculating Adjusted EBITDA may differ from the calculations of similarly-titled measures by other companies.
- (2)
- For
the years ended December 31, 2010, 2009, 2008, 2007 and 2006, interest expense includes $30,515, $66,876, $47,995, $18,554 and $19,327,
respectively, of interest expenses reclassified to discontinued operations.
- (3)
- For
the years ended December 31, 2010, 2009, 2008, 2007 and 2006, depreciation, depletion and amortization includes $7,541, $36,029, $40,811, $43,560
and $43,291, respectively, of depreciation, depletion and amortization reclassified to discontinued operations.
- (4)
- For the years ended December 31, 2010, 2009, 2008, 2007 and 2006, impairment of assets includes $1,860, $14,430, $296, $297 and $297, respectively, of impairment of assets reclassified to discontinued operations.
Computation of Ratio of Adjusted EBITDA to interest expense and preferred dividends $ in thousands, except ratios