EX-12 2 exhibit12.htm EXHIBIT 12 exhibit12.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, 2012, 2011, 2010, 2009 and 2008 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31,

(Amounts in thousands)

2012 

 

2011 

 

2010 

 

2009 

 

2008 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations before income taxes and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

income from partially owned entities

$

(6,395)

 

$

484,198 

 

$

630,843 

 

$

(7,166)

 

$

136,618 

Fixed charges

 

531,671 

 

 

539,184 

 

 

551,771 

 

 

625,440 

 

 

663,590 

Income distributions from partially owned entities

 

226,172 

 

 

93,635 

 

 

61,037 

 

 

30,473 

 

 

44,690 

Capitalized interest

 

(16,801)

 

 

(1,197)

 

 

(864)

 

 

(17,256)

 

 

(63,063)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings - Numerator

$

734,647 

 

$

1,115,820 

 

$

1,242,787 

 

$

631,491 

 

$

781,835 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and debt expense

$

500,361 

 

$

526,175 

 

$

539,370 

 

$

597,105 

 

$

591,419 

Capitalized interest

 

16,801 

 

 

1,197 

 

 

864 

 

 

17,256 

 

 

63,063 

1/3 of rental expense – interest factor

 

14,509 

 

 

11,812 

 

 

11,537 

 

 

11,079 

 

 

9,108 

Fixed charges - Denominator

 

531,671 

 

 

539,184 

 

 

551,771 

 

 

625,440 

 

 

663,590 

Preferred unit distributions

 

86,873 

 

 

82,384 

 

 

73,726 

 

 

76,734 

 

 

76,834 

Combined fixed charges and preference distributions - Denominator

$

618,544 

 

$

621,568 

 

$

625,497 

 

$

702,174 

 

$

740,424 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.38 

 

 

2.07 

 

 

2.25 

 

 

1.01 

 

 

1.18 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preference distributions

 

1.19 

 

 

1.80 

 

 

1.99 

 

 

0.90 

 

 

1.06 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 distributions equals fixed charges plus preferred unit distributions.