Exhibit (12)
Statement of Computation of Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Distributions
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||
(In thousands) | ||||||||||||||||
Income from continuing operations | $ | 32,338 | 26,017 | 22,565 | 18,605 | 26,945 | ||||||||||
Equity in earnings of unconsolidated investment | (366 | ) | (356 | ) | (347 | ) | (335 | ) | (320 | ) | ||||||
Income from continuing operations before adjustments | 31,972 | 25,661 | 22,218 | 18,270 | 26,625 | |||||||||||
Fixed charges (from below) | 40,712 | 40,560 | 39,031 | 39,327 | 38,916 | |||||||||||
Distributed income of equity investee | 345 | 370 | 330 | 320 | 260 | |||||||||||
Capitalized interest | (5,064 | ) | (4,660 | ) | (3,771 | ) | (3,613 | ) | (5,856 | ) | ||||||
Preferred stock distributions | — | — | — | — | ||||||||||||
Earnings | $ | 67,965 | 61,931 | 57,808 | 54,304 | 59,945 | ||||||||||
Interest expense | $ | 35,192 | 35,371 | 34,709 | 35,171 | 32,520 | ||||||||||
Capitalized interest | 5,064 | 4,660 | 3,771 | 3,613 | 5,856 | |||||||||||
Amortization of mortgage premiums | 20 | 96 | 126 | 124 | 122 | |||||||||||
Interest component of rental expense | 436 | 433 | 425 | 419 | 418 | |||||||||||
Preferred stock distributions | — | — | — | — | — | |||||||||||
Combined fixed charges and preferred stock distributions | $ | 40,712 | 40,560 | 39,031 | 39,327 | 38,916 | ||||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DISTRIBUTIONS | 1.67 | 1.53 | 1.48 | 1.38 | 1.54 | |||||||||||