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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, | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||
Earnings: | ||||||||||||||||||
Net income (loss) before equity in earnings from joint ventures and unconsolidated subsidiaries and other items | $ | (775,900 | ) | $ | (302,175 | ) | $ | 169,174 | $ | 298,032 | $ | 242,150 | ||||||
Add: Fixed charges as calculated below | 485,624 | 671,304 | 635,277 | 433,609 | 314,865 | |||||||||||||
Add: Distributions of earnings of joint ventures | 36,766 | 48,196 | 49,486 | 13,276 | 6,672 | |||||||||||||
Less: Capitalized interest | (263 | ) | (2,501 | ) | (3,994 | ) | (1,917 | ) | (788 | ) | ||||||||
Total earnings | $ | (253,773 | ) | $ | 414,824 | $ | 849,943 | $ | 743,000 | $ | 562,899 | |||||||
Fixed charges: | ||||||||||||||||||
Interest expense(1) | $ | 481,116 | $ | 666,706 | $ | 629,272 | $ | 429,807 | $ | 313,053 | ||||||||
Add: Capitalized interest | 263 | 2,501 | 3,994 | 1,917 | 788 | |||||||||||||
Implied interest component on the company's rent obligations | 4,245 | 2,097 | 2,011 | 1,885 | 1,024 | |||||||||||||
Fixed charges | $ | 485,624 | $ | 671,304 | $ | 635,277 | $ | 433,609 | $ | 314,865 | ||||||||
Preferred dividend requirements | 42,320 | 42,320 | 42,320 | 42,320 | 42,320 | |||||||||||||
Fixed charges and preferred stock dividends | $ | 527,944 | $ | 713,624 | $ | 677,597 | $ | 475,929 | $ | 357,185 | ||||||||
Earnings to fixed charges | (0.5 | )x | 0.6 | x | 1.3 | x | 1.7 | x | 1.8 | x | ||||||||
Earnings to fixed charges and preferred stock dividends | (0.5 | )x | 0.6 | x | 1.3 | x | 1.6 | x | 1.6 | x |
Explanatory Note:
- (1)
- For the years ended December 31, 2007, 2006 and 2005, interest expense includes $12, $194 and $247, 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)