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Computation of Ratio of Earnings to fixed charges and
Earnings to fixed charges and preferred stock dividends
(Dollars in thousands, except ratios)
| For the Years Ended December 31, | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||
Earnings: | ||||||||||||||||||
Net income before equity in earnings (loss) from joint ventures and unconsolidated subsidiaries, minority interest and other items | $ | (307,801 | ) | $ | 179,845 | $ | 314,771 | $ | 265,864 | $ | 178,847 | |||||||
Add: Fixed charges as calculated below | 664,882 | 633,737 | 433,609 | 314,865 | 233,877 | |||||||||||||
Add: Distributions of earnings of joint ventures | 48,196 | 49,486 | 13,276 | 6,672 | 5,840 | |||||||||||||
Less: Capitalized interest | (2,501 | ) | (3,994 | ) | (1,917 | ) | (788 | ) | — | |||||||||
Less: Minority interest (expense) in pre-tax income of subsidiaries that have not incurred fixed charges | 991 | (703 | ) | (1,093 | ) | (691 | ) | (225 | ) | |||||||||
Total earnings | $ | 403,767 | $ | 858,371 | $ | 758,646 | $ | 585,922 | $ | 418,339 | ||||||||
Fixed charges: | ||||||||||||||||||
Interest expense(1) | $ | 660,284 | $ | 627,732 | $ | 429,807 | $ | 313,053 | $ | 232,918 | ||||||||
Add: Capitalized interest | 2,501 | 3,994 | 1,917 | 788 | — | |||||||||||||
Implied interest component on the company's rent obligations | 2,097 | 2,011 | 1,885 | 1,024 | 959 | |||||||||||||
Fixed charges | $ | 664,882 | $ | 633,737 | $ | 433,609 | $ | 314,865 | $ | 233,877 | ||||||||
Preferred dividend requirements | 42,320 | 42,320 | 42,320 | 42,320 | 51,340 | |||||||||||||
Fixed charges and preferred stock dividends | $ | 707,202 | $ | 676,057 | $ | 475,929 | $ | 357,185 | $ | 285,217 | ||||||||
Earnings to fixed charges | 0.6 | x | 1.4 | x | 1.7 | x | 1.9 | x | 1.8 | x | ||||||||
Earnings to fixed charges and preferred stock dividends | 0.6 | x | 1.3 | x | 1.6 | x | 1.6 | x | 1.5 | x |
Explanatory Note:
- (1)
- For the years ended December 31, 2007, 2006, 2005 and 2004, interest expense includes $12, $198, $247 and $1,333, respectively, of interest expense reclassified to discontinued operations.
Computation of Ratio of Earnings to fixed charges and Earnings to fixed charges and preferred stock dividends (Dollars in thousands, except ratios)