EX-12 11 l17863aexv12.htm EXHIBIT 12 STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Exhibit 12
 

EXHIBIT 12
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED
CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED
STOCK DIVIDENDS
                                         
    Year Ended December 31  
    2001     2002     2003     2004     2005  
    (dollars in thousands)  
Earnings:
                                       
Income from continuing operations before extraordinary items (1)
  $ 50,853     $ 58,312     $ 71,779     $ 82,099     $ 79,154  
Fixed charges
    34,644       44,644       59,833       76,824       85,999  
Capitalized interest
    (841 )     (170 )     (1,535 )     (875 )     (665 )
Equity (earnings) losses in less than 50% owned subsidiary
    (332 )     (15 )     (270 )                
     
Earnings
  $ 84,324     $ 102,771     $ 129,807     $ 158,048     $ 164,488  
     
 
                                       
Fixed charges:
                                       
Interest expense (2)
  $ 32,028     $ 42,101     $ 55,377     $ 72,556     $ 82,624  
Capitalized interest
    841       170       1,535       875       665  
Amortization of loan expenses
    1,775       2,373       2,921       3,393       2,710  
     
Fixed charges
  $ 34,644     $ 44,644     $ 59,833     $ 76,824     $ 85,999  
     
 
                                       
     
Consolidated ratio of earnings to fixed charges
    2.43       2.30       2.17       2.06       1.91  
     
 
Earnings:
                                       
Income from continuing operations before extraordinary items (1)
  $ 50,853     $ 58,312     $ 71,779     $ 82,099     $ 79,154  
Fixed charges
    34,644       44,644       59,833       76,824       85,999  
Capitalized interest
    (841 )     (170 )     (1,535 )     (875 )     (665 )
Equity (earnings) losses in less than 50% owned subsidiary
    (332 )     (15 )     (270 )                
     
Earnings
  $ 84,324     $ 102,771     $ 129,807     $ 158,048     $ 164,488  
     
 
                                       
Fixed charges:
                                       
Interest expense (2)
  $ 32,028     $ 42,101     $ 55,377     $ 72,556     $ 82,624  
Capitalized interest
    841       170       1,535       875       665  
Amortization of loan expenses
    1,775       2,373       2,921       3,393       2,710  
     
Fixed charges
    34,644       44,644       59,833       76,824       85,999  
Preferred stock dividends
    13,505       12,468       9,218       12,737       21,594  
     
Combined fixed charges and preferred stock dividends
  $ 48,149     $ 57,112     $ 69,051     $ 89,561     $ 107,593  
     
 
     
Consolidated ratio of earnings to combined fixed charges and preferred stock dividends
    1.75       1.80       1.88       1.76       1.53