EXHIBIT 12 | ||||||||||||||||||||
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COMPUTATION OF RATIOS | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
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Our consolidated ratios of earnings to fixed charges and earnings to combined fixed charges and preference distributions for each of the fiscal years ended December 31, 2015, 2014, 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||
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| For the Year Ended December 31, | ||||||||||||||||||
(Amounts in thousands) | 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 | |||||||||||
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Income (loss) from continuing operations before income taxes and |
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| income from partially owned entities | $ | 735,103 |
| $ | 492,492 |
| $ | 328,810 |
| $ | (29,300) |
| $ | 358,473 | |||||
Fixed charges |
| 450,292 |
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| 487,651 |
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| 480,058 |
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| 457,247 |
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| 461,311 | ||||||
Income distributions from partially owned entities |
| 63,438 |
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| 96,286 |
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| 54,030 |
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| 226,172 |
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| 93,635 | ||||||
Capitalized interest and debt expense |
| (59,305) |
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| (62,786) |
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| (42,303) |
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| (16,801) |
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| (1,197) | ||||||
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Earnings - Numerator | $ | 1,189,528 |
| $ | 1,013,643 |
| $ | 820,595 |
| $ | 637,318 |
| $ | 912,222 | ||||||
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Interest and debt expense | $ | 378,025 |
| $ | 412,755 |
| $ | 425,782 |
| $ | 431,235 |
| $ | 453,420 | ||||||
Capitalized interest and debt expense |
| 59,305 |
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| 62,786 |
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| 42,303 |
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| 16,801 |
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| 1,197 | ||||||
1/3 of rental expense – interest factor |
| 12,962 |
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| 12,110 |
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| 11,973 |
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| 9,211 |
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| 6,694 | ||||||
Fixed charges - Denominator |
| 450,292 |
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| 487,651 |
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| 480,058 |
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| 457,247 |
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| 461,311 | ||||||
Preferred unit distributions |
| 80,736 |
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| 81,514 |
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| 83,965 |
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| 86,873 |
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| 82,384 | ||||||
Combined fixed charges and preference distributions - Denominator | $ | 531,028 |
| $ | 569,165 |
| $ | 564,023 |
| $ | 544,120 |
| $ | 543,695 | ||||||
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Ratio of earnings to fixed charges |
| 2.64 |
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| 2.08 |
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| 1.71 |
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| 1.39 |
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| 1.98 | ||||||
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Ratio of earnings to combined fixed charges and preference distributions |
| 2.24 |
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| 1.78 |
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| 1.45 |
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| 1.17 |
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| 1.68 | ||||||
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Earnings equals (i) income from continuing operations before income taxes and income from partially owned entities plus (ii) fixed charges and (iii) income distributions from partially owned entities, minus (iv) capitalized interest and debt expense. Fixed charges equals (i) interest and debt expense plus (ii) capitalized interest and debt expense and (iii) the portion of operating lease rental expense that is representative of the interest factor, which is one-third of operating lease rentals. Combined fixed charges and preference distributions equals fixed charges plus preferred unit distributions. | ||||||||||||||||||||
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