Exhibit 12
| CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | ||||||||
| The following table sets forth information regarding our consolidated ratio of earnings to fixed charges and consolidated ratio of earnings to combined fixed charges and preferred stock dividends for the periods shown. For purposes of determining the below ratios, earnings consist of pre-tax income from continuing operations before adjustment for income or loss from equity investees, fixed charges, amortization of capitalized interest, distributed income of equity investees and our share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges, and adjusted for interest capitalized, preference security dividend requirements of consolidated subsidiaries and non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges. Fixed charges consist of interest expensed and capitalized, amortized premiums, discounts and capitalized expenses related to indebtedness, an estimate of the interest within rental expense, and preference security dividend requirements of consolidated subsidiaries. | ||||||||
| Year Ended December 31, | ||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||
| Consolidated Ratio of earnings to fixed charges | 4.3 | * | * | 2.0 | 1.3 | * | ||
| Consolidated Ratio of earnings to fixed charges | ||||||||
| and preferred stock dividends | 3.5 | * | * | 1.8 | * | * | ||
| _____________ * Earnings for the reporting period were inadequate to cover total fixed charges and/or total fixed charges and preferred dividends. The coverage deficiencies for total fixed charges for the years ended December 31, 2013, 2012 and 2009 were $6.4 million , $113.1 million, and $417.3 million, respectively. The coverage deficiencies for the combined fixed charges and preferred stock dividends for the years ended December 31, 2013, 2012, 2010 and 2009 were $25.5 million, $132.2 million, $158.6 million, and $535.6 million respectively. |
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INFORMATION REGARDING COMPUTATION OF
RATIOS OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Ratio of Earnings to Fixed Charges
| (Dollars in thousands) | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||
| Income/(loss) before income taxes (a) | $ | 292,463 | $ | (6,422 | ) | $ | (113,122 | ) | $ | 138,415 | $ | 40,350 | $ | (417,328 | ) | |||||||||
| Add: Fixed Charges, net | 88,101 | 100,444 | 116,802 | 138,737 | 158,841 | 227,702 | ||||||||||||||||||
| Add: Distributed income of equity investees | — | — | — | — | — | — | ||||||||||||||||||
| Income/(loss) before income taxes | $ | 380,564 | $ | 94,022 | $ | 3,680 | $ | 277,152 | $ | 199,191 | $ | (189,626 | ) | |||||||||||
| and fixed charges, net | ||||||||||||||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||
| Total interest expense | $ | 81,531 | $ | 94,679 | $ | 110,286 | $ | 131,605 | $ | 149,448 | $ | 216,471 | ||||||||||||
| Interest factor in rents | 6,570 | 5,765 | 6,516 | 7,132 | 9,393 | 11,231 | ||||||||||||||||||
| Total fixed charges | $ | 88,101 | $ | 100,444 | $ | 116,802 | $ | 138,737 | $ | 158,841 | $ | 227,702 | ||||||||||||
| Ratio of earnings to fixed charges | 4.3 | * | * | 2.0 | 1.3 | * | ||||||||||||||||||
| Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | ||||||||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||
| Income/(loss) before income taxes (a) | $ | 292,463 | $ | (6,422 | ) | $ | (113,122 | ) | $ | 138,415 | $ | 40,350 | $ | (417,328 | ) | |||||||||
| Add: Fixed Charges, net | 88,101 | 100,444 | 116,802 | 138,737 | 158,841 | 227,702 | ||||||||||||||||||
| Add: Distributed income of equity investees | — | — | — | — | — | — | ||||||||||||||||||
| Income/(loss) before income taxes | $ | 380,564 | $ | 94,022 | $ | 3,680 | $ | 277,152 | $ | 199,191 | $ | (189,626 | ) | |||||||||||
| and fixed charges, net | ||||||||||||||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||
| Total interest expense | $ | 81,531 | $ | 94,679 | $ | 110,286 | $ | 131,605 | $ | 149,448 | $ | 216,471 | ||||||||||||
| Interest factor in rents | 6,570 | 5,765 | 6,516 | 7,132 | 9,393 | 11,231 | ||||||||||||||||||
| Preferred stock dividends (b) | 19,212 | 19,108 | 19,108 | 19,056 | 198,954 | 118,312 | ||||||||||||||||||
| Total fixed charges and preferred | ||||||||||||||||||||||||
| stock dividends | $ | 107,313 | $ | 119,552 | $ | 135,910 | $ | 157,793 | $ | 357,795 | $ | 346,014 | ||||||||||||
| Ratio of earnings to fixed charges | ||||||||||||||||||||||||
| and preferred stock dividends | 3.5 | * | * | 1.8 | * | * | ||||||||||||||||||
| * | Earnings for the reporting period were inadequate to cover total fixed charges and/or total fixed charges and preferred dividends. The coverage deficiencies for total fixed charges for the years ended December 31, 2013, 2012, and 2009 were $6.4 million , $113.1 million, and $417.3 million, respectively. The coverage deficiencies for the combined fixed charges and preferred stock dividends for the years ended December 31, 2013, 2012, 2010, and 2009 were $25.5 million, $132.2 million, $158.6 million, and $535.6 million, respectively. |
| (a) | Pre-tax earnings from continuing operations excluding income attributable to noncontrolling interests and income/loss from equity investees. |
| (b) | The preferred dividend amounts represent pre-tax earnings required to cover total dividends on preferred stock. 2010 and 2009 amounts include pre-tax earnings required to cover dividends on Fixed Rate Cumulative Perpetual Preferred Stock, Series CPP. |