EX-12 3 v358509_ex12.htm EXHIBIT 12

 

Exhibit 12

 

STATEMENT RE: COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND

EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

   For the three months ended September 30, 
(Dollar amounts in thousands)  2013   2012 
Earnings available to cover fixed charges:          
Income before non controlling interests, income from investments in unconsolidated entities and discontinued operations  $22,988   $5,852 
Fixed charges:          
Interest expense   15,948    16,998 
Capitalized interest   6,550    5,806 
Fixed charges   22,498    22,804 
Distributions of earnings net of equity from unconsolidated entities   18    212 
Capitalized interest   (6,550)   (5,806)
Earnings available to cover net fixed charges  $38,954   $23,062 
Fixed charges  $22,498   $22,804 
Preferred stock dividends   911    911 
Fixed charges and preferred stock dividends  $23,409   $23,715 
Earnings available to cover net fixed charges  $38,954   $23,062 
Divided by fixed charges  $22,498   $22,804 
Ratio of earnings to fixed charges   1.7x   1.0x
Earnings available to cover net fixed charges  $38,954   $23,062 
Divided by fixed charges and preferred stock dividends  $23,409   $23,715 
Ratio of earnings to fixed charges and preferred stock dividends   1.7x   1.0x

 

   For the nine months ended September 30, 
   2013   2012 
Earnings available to cover fixed charges:          
Income before non controlling interests, income from investments in unconsolidated entities and discontinued operations  $65,055   $42,062 
Fixed charges:          
Interest expense   49,935    50,488 
Capitalized interest   18,199    16,023 
Fixed charges   68,134    66,511 
Distributions of earnings net of equity from unconsolidated entities   15    1,359 
Capitalized interest   (18,199)   (16,023)
Earnings available to cover net fixed charges  $115,005   $93,909 
Fixed charges  $68,134   $66,511 
Preferred stock dividends   2,733    2,733 
Fixed charges and preferred stock dividends  $70,867   $69,244 
Earnings available to cover net fixed charges  $115,005   $93,909 
Divided by fixed charges  $68,134   $66,511 
Ratio of earnings to fixed charges   1.7x   1.4x
Earnings available to cover net fixed charges  $115,005   $93,909 
Divided by fixed charges and preferred stock dividends  $70,867   $69,244 
Ratio of earnings to fixed charges and preferred stock dividends   1.6x   1.4x