Exhibit (12)
Statement of Computation of Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Distributions
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||
(In thousands) | ||||||||||||||||
Income from continuing operations | $ | 48,473 | 32,338 | 26,017 | 22,565 | 18,605 | ||||||||||
Equity in earnings of unconsolidated investment | (413 | ) | (366 | ) | (356 | ) | (347 | ) | (335 | ) | ||||||
Income from continuing operations before adjustments | 48,060 | 31,972 | 25,661 | 22,218 | 18,270 | |||||||||||
Fixed charges (from below) | 40,866 | 40,712 | 40,560 | 39,031 | 39,327 | |||||||||||
Distributed income of equity investee | 425 | 345 | 370 | 330 | 320 | |||||||||||
Capitalized interest | (4,942 | ) | (5,064 | ) | (4,660 | ) | (3,771 | ) | (3,613 | ) | ||||||
Preferred stock distributions | — | — | — | — | — | |||||||||||
Earnings | $ | 84,409 | 67,965 | 61,931 | 57,808 | 54,304 | ||||||||||
Interest expense | $ | 35,486 | 35,192 | 35,371 | 34,709 | 35,171 | ||||||||||
Capitalized interest | 4,942 | 5,064 | 4,660 | 3,771 | 3,613 | |||||||||||
Amortization of mortgage premiums | 18 | 20 | 96 | 126 | 124 | |||||||||||
Interest component of rental expense | 420 | 436 | 433 | 425 | 419 | |||||||||||
Preferred stock distributions | — | — | — | — | — | |||||||||||
Combined fixed charges and preferred stock distributions | $ | 40,866 | 40,712 | 40,560 | 39,031 | 39,327 | ||||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DISTRIBUTIONS | 2.07 | 1.67 | 1.53 | 1.48 | 1.38 | |||||||||||