EX-12.1 7 l22581bexv12w1.htm EX-12.1 EX-12.1
 

EXHIBIT 12.1
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS
TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(UNAUDITED)
(Dollars in thousands)
                                                 
                                            Nine Months  
                                            Ended  
    Year Ended December 31     September 30  
    2001     2002     2003     2004     2005     2006  
 
                                                
Earnings:
                                                
Pretax income from continuing operations before extraordinary items (1)
   $ 48,597     $ 55,732     $ 69,661     $ 79,877     $ 77,303     $ 76,002  
Fixed charges
     34,644       44,644       59,833       76,824       85,999       76,292  
Capitalized interest
     (841 )     (170 )     (1,535 )     (875 )     (665 )     (2,494 )
Equity earnings in less than 50% owned subsidiary
     (332 )     (15 )     (270 )                        
           
Earnings
   $ 82,068     $ 100,191     $ 127,689     $ 155,826     $ 162,637     $ 149,800  
           
 
                                                
Fixed charges and preferred stock dividends:
                                                
Interest expense (2)
   $ 32,028     $ 42,101     $ 55,377     $ 72,556     $ 82,624     $ 71,599  
Capitalized interest
     841       170       1,535       875       665       2,494  
Amortization of loan expenses
     1,775       2,373       2,921       3,393       2,710       2,199  
           
Fixed charges
     34,644       44,644       59,833       76,824       85,999       76,292  
Preferred stock dividends
     13,505       12,468       9,218       12,737       21,594       15,998  
           
Combined fixed charges and preferred stock dividends
   $ 48,149     $ 57,112     $ 69,051     $ 89,561     $ 107,593     $ 92,290  
           
 
                                                
Consolidated ratio of earnings to combined fixed charges and preferred stock dividends
     1.70       1.75       1.85       1.74       1.51       1.62  
           
(1)   In accordance with FASB Statement No. 144, we have reclassified the income and expenses attributable to the properties sold subsequent to January 1, 2002 and attributable to properties held for sale at September 30, 2006 to discontinued operations.
 
(2)   For purposes of this statement, interest expense consists of interest on all indebtedness including amounts allocated to discontinued operations, in accordance with FASB Statement No. 144.