EX-12 3 exhibit122013.htm EXHIBIT 12 Exhibit 12 2013

Exhibit (12)


Statement of Computation of Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Distributions


 
 
Years Ended December 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
32,338

 
26,017

 
22,565

 
18,605

 
26,945

Equity in earnings of unconsolidated investment
 
(366
)
 
(356
)
 
(347
)
 
(335
)
 
(320
)
   Income from continuing operations before adjustments
 
31,972

 
25,661

 
22,218

 
18,270

 
26,625

Fixed charges (from below)
 
40,712

 
40,560

 
39,031

 
39,327

 
38,916

Distributed income of equity investee
 
345

 
370

 
330

 
320

 
260

Capitalized interest
 
(5,064
)
 
(4,660
)
 
(3,771
)
 
(3,613
)
 
(5,856
)
Preferred stock distributions
 
—

 
 
 
—

 
—

 
—

   Earnings
 
$
67,965

 
61,931

 
57,808

 
54,304

 
59,945

 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
35,192

 
35,371

 
34,709

 
35,171

 
32,520

Capitalized interest
 
5,064

 
4,660

 
3,771

 
3,613

 
5,856

Amortization of mortgage premiums
 
20

 
96

 
126

 
124

 
122

Interest component of rental expense
 
436

 
433

 
425

 
419

 
418

Preferred stock distributions
 
—

 
—

 
—

 
—

 
—

   Combined fixed charges and preferred stock distributions
 
$
40,712

 
40,560

 
39,031

 
39,327

 
38,916

 
 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DISTRIBUTIONS
 
1.67

 
1.53

 
1.48

 
1.38

 
1.54