EX-12 2 a2212881zex-12.htm EX-12
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Exhibit 12


RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 
   Year Ended  
 
   2012   2011   2010   2009   2008  

Income from continuing operations

   $ 51,311   $ 49,542   $ 45,595   $ 44,248   $ 43,080  

Add: Fixed charges

     10,098     6,670     2,961     2,754     4,481  

Add: Capitalized interest

     (130 )   (45 )   (117 )   (40 )   (60 )

Less: Income allocated to non-controlling interests

     (37 )   (191 )   (191 )   (296 )   (307 )
                       

Earnings

   $ 61,243   $ 55,976   $ 48,248   $ 46,666   $ 47,194  
                       

Fixed Charges

                                

Interest expense (includes amortization of debt issue costs and capitalized interest)

     10,061     6,479     2,770     2,458     4,174  

Income allocated to non-controlling interests

     37     191     191     296     307  
                       

Total fixed charges

     10,098     6,670     2,961     2,754     4,481  

Preferred stock dividend (excludes preferred stock redemption charge)

    
3,273		    
5,512		    
13,662		    
15,141		    
15,390		  
                       

Total fixed charges and preferred dividends

   $ 13,371   $ 12,182   $ 16,623   $ 17,895   $ 19,871  
                       

Ratio of earnings to fixed charges

    
6.06		    
8.39		    
16.29		    
16.94		    
10.53		  

Ratio of earnings to fixed charges and preferred dividends

    
4.58		    
4.59		    
2.90		    
2.61		    
2.38		  



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RATIO OF EARNINGS TO FIXED CHARGES (dollars in thousands)