EX-12.1 4 a27882orexv12w1.htm EXHIBIT 12.1 exv12w1
 

Exhibit 12.1
Statement on Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratio data)
                                         
    For the Year Ended December 31,  
    2006     2005     2004     2003     2002  
Income from continuing operations
  $ 62,937     $ 59,674     $ 46,564     $ 46,326     $ 45,916  
Minority interest in continuing operations
    16,268       16,262       24,785       29,638       28,271  
Interest expense
    2,575       1,330       3,054       4,015       5,324  
 
                             
Earnings from continuing operations available to cover fixed charges
  $ 81,780     $ 77,266     $ 74,403     $ 79,979     $ 79,511  
 
                             
Fixed charges (1)
  $ 2,575     $ 1,330     $ 3,054     $ 4,015     $ 5,612  
Preferred stock dividends
    47,933       43,011       33,020       15,784       15,412  
Preferred partnership distributions
    11,155       10,651       20,245       19,240       17,927  
 
                             
Combined fixed charges and preferred distributions
  $ 61,663     $ 54,992     $ 56,319     $ 39,039     $ 38,951  
 
                             
Ratio of earnings from continuing operations to fixed charges
    31.8       58.1       24.4       19.9       14.2  
 
                             
Ratio of earnings from continuing operations to combined fixed charges and preferred distributions
    1.3       1.4       1.3       2.0       2.0  
 
                             
 
(1)   Fixed charges include interest expense plus capitalized interest