EX-12 3 ex12.htm ex12.htm - Generated by SEC Publisher for SEC Filing

 

 

 

EXHIBIT 12

 

COMPUTATION OF RATIOS

(UNAUDITED)

 

 

Our consolidated ratios of earnings to fixed charges and earnings to combined fixed charges and preference distributions for each of the fiscal years ended December 31, 2011, 2010, 2009, 2008 and 2007 are as follows:

 

 

 

Year Ended December 31,

 

(Amounts in thousands)

 

2011

 

2010

 

2009

 

2008

 

2007

 

Income from continuing operations before income taxes and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

income from partially owned entities

 

$

498,984

 

$

643,589

 

$

26,773

 

$

163,983

 

$

451,958

 

Fixed charges

 

 

557,604

 

 

573,055

 

 

646,694

 

 

692,041

 

 

644,792

 

Income distributions from partially owned entities

 

 

93,635

 

 

55,397

 

 

30,473

 

 

44,690

 

 

24,044

 

Capitalized interest

 

 

(1,197

)

 

(864

)

 

(17,256

)

 

(63,063

)

 

(53,648

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings - Numerator

 

$

1,149,026

 

$

1,271,177

 

$

686,684

 

$

837,651

 

$

1,067,146

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and debt expense

 

$

544,015

 

$

560,052

 

$

617,768

 

$

619,298

 

$

583,042

 

Capitalized interest

 

 

1,197

 

 

864

 

 

17,256

 

 

63,063

 

 

53,648

 

1/3 of rental expense – interest factor

 

 

12,392

 

 

12,139

 

 

11,670

 

 

9,680

 

 

8,102

 

Fixed charges - Denominator

 

 

557,604

 

 

573,055

 

 

646,694

 

 

692,041

 

 

644,792

 

Preferred unit distributions

 

 

82,384

 

 

73,726

 

 

76,734

 

 

76,834

 

 

77,009

 

Combined fixed charges and preference distributions - Denominator

 

$

639,988

 

$

646,781

 

$

723,428

 

$

768,875

 

$

721,801

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

2.06

 

 

2.22

 

 

1.06

 

 

1.21

 

 

1.66

 

Ratio of earnings to combined fixed charges and preference distributions

 

 

1.80

 

 

1.97

 

 

0.95

 

 

1.09

 

 

1.48

 

 

Earnings equals (i) income from continuing operations before income taxes and income from partially owned entities, plus, (ii) fixed charges and (iii) income distributions from partially owned entities, minus (iv) capitalized interest.  Fixed charges equals (i) interest and debt expense, plus (ii) capitalized interest and (iii) the portion of operating lease rental expense that is representative of the interest factor, which is one-third of operating lease rentals.  Combined fixed charges and preference dividends equals fixed charges plus preferred unit distributions.