EX-12 8 dex12.htm STATEMENT OF COMPUTATION OF RATIOS TO EARNINGS Statement of Computation of Ratios to Earnings

Exhibit 12

STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(Dollar amounts in thousands)
 

 

 

For the Three Months Ended September 30,

 

 

 

 

 

 

2002

 

2001

 

 

 

 

 

Income before gains (losses) on investments and minority interest in income

 

$

21,144

 

$

24,283

 

Minority interest not convertible into Common Stock

 

 

(172

)

 

(165

)

 

 

 

 

 

 

$

20,972

 

$

24,118

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

Interest

 

$

14,454

 

$

12,000

 

 

Capitalized interest

 

 

2,971

 

 

3,473

 

 

Other

 

 

39

 

 

38

 

 

 

 

 

Fixed charges

 

$

17,464

 

$

15,511

 

 

 

 

 

Preferred stock dividends

 

 

2,657

 

 

1,142

 

 

 

 

 

Fixed charges and preferred stock dividends

 

$

20,121

 

$

16,653

 

 

 

 

 

Income before gains (losses) on investments and minority interest in income, and fixed charges, excluding capitalized interest

 

$

35,465

 

$

36,156

 

Divided by fixed charges

 

$

17,464

 

$

15,511

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

2.0

 

 

2.3

 

 

 

 

 

Income before gains (losses) on investments and minority interest in income, and fixed charges, excluding capitalized interest

 

$

35,465

 

$

36,156

 

Divided by fixed charges and preferred stock dividends

 

$

20,121

 

$

16,653

 

 

 

 

 

Ratio of earnings to fixed charges and preferred stock dividends

 

 

1.8

 

 

2.2

 

 

 

 

 


Exhibit 12 (continued)

STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (CONTINUED)

(Dollar amounts in thousands)
 

 

 

For the Nine Months Ended September 30,

 

 

 

 

 

 

2002

 

2001

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before gains (losses) on investments and minority interest in income

 

$

65,152

 

$

65,481

 

Losses from Internet business

 

 

—  

 

 

7,163

 

Minority interest not convertible into Common Stock

 

 

(508

)

 

(492

)

 

 

 

 

 

 

$

64,644

 

$

72,152

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

Interest

 

$

41,220

 

$

36,207

 

  

 

Capitalized interest

 

 

9,211

 

 

10,271

 

 

Other

 

 

117

 

 

114

 

 

 

 

 

Fixed charges

 

$

50,548

 

$

46,592

 

 

 

 

 

Preferred stock dividends

 

 

5,107

 

 

3,426

 

 

 

 

 

Fixed charges and preferred stock dividends

 

$

55,655

 

$

50,018

 

 

 

 

 

Income before gains (losses) on investments, losses from Internet business and minority interest in income, and fixed charges, excluding capitalized interest

 

$

105,981

 

$

108,473

 

Divided by fixed charges

 

$

50,548

 

$

46,592

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

2.1

 

 

2.3

 

 

 

 

 

Income before gains (losses) on investments, losses from Internet business and minority interest in income, and fixed charges, excluding capitalized interest

 

$

105,981

 

$

108,473

 

Divided by fixed charges and preferred stock dividends

 

$

55,655

 

$

50,018

 

 

 

 

 

Ratio of earnings to fixed charges and preferred stock dividends

 

 

1.9

 

 

2.2