Computation of Ratio of Earning to fixed charges and
Earnings to fixed charges and preferred stock dividends
| | For the Years Ended December 31, | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||
| Earnings: | ||||||||||||||||||
| Net income before equity in earnings (loss) from joint ventures and unconsolidated subsidiaries, minority interest and other items | $ | 338,096 | $ | 272,186 | $ | 185,178 | $ | 256,194 | $ | 178,168 | ||||||||
| Add: Fixed Charges as calculated below | 433,609 | 314,865 | 233,877 | 195,823 | 186,110 | |||||||||||||
| Add: Distributions of earnings of joint ventures | 13,276 | 6,672 | 5,840 | 2,839 | 5,802 | |||||||||||||
| Subtract: Capitalized interest | (1,917 | ) | (788 | ) | — | — | (70 | ) | ||||||||||
| Subtract: Minority interest (expense) in pre-tax income of subsidiaries that have not incurred fixed charges | (1,093 | ) | (691 | ) | (225 | ) | — | — | ||||||||||
| Total earnings | $ | 781,971 | $ | 592,244 | $ | 424,670 | $ | 454,856 | $ | 370,010 | ||||||||
Fixed charges: | ||||||||||||||||||
| Interest expense (1) | $ | 429,807 | $ | 313,053 | $ | 232,918 | $ | 194,999 | $ | 185,362 | ||||||||
| Plus: Capitalized interest | 1,917 | 788 | — | — | 70 | |||||||||||||
| Implied interest component on the company's rent obligations | 1,885 | 1,024 | 959 | 824 | 678 | |||||||||||||
| Fixed charges | $ | 433,609 | $ | 314,865 | $ | 233,877 | $ | 195,823 | $ | 186,110 | ||||||||
| Preferred dividend requirements | 42,320 | 42,320 | 51,340 | 36,908 | 36,908 | |||||||||||||
| Fixed charges and preferred stock dividends | $ | 475,929 | $ | 357,185 | $ | 285,217 | $ | 232,731 | $ | 223,018 | ||||||||
| Earnings to fixed charges(2) | 1.8x | 1.9x | 1.8x | 2.3x | 2.0x | |||||||||||||
| Earnings to fixed charges and preferred stock dividends(3) | 1.6x | 1.7x | 1.5x | 2.0x | 1.7x | |||||||||||||
Explanatory Notes:
