Statement of Computation of Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Distributions
|
| | | | | | | | | | | | | | | | |
| | | Years Ended December 31, |
| | | 2015 | | 2014 | | 2013 | | 2012 | | 2011 |
| | | (In thousands) |
| | | | | | | | | | | |
| Income from continuing operations | | $ | 48,399 |
| | 48,473 |
| | 32,338 |
| | 26,017 |
| | 22,565 |
|
| Equity in earnings of unconsolidated investment | | (720 | ) | | (413 | ) | | (366 | ) | | (356 | ) | | (347 | ) |
| Income from continuing operations before adjustments | | 47,679 |
| | 48,060 |
| | 31,972 |
| | 25,661 |
| | 22,218 |
|
| Fixed charges (from below) | | 40,388 |
| | 40,866 |
| | 40,712 |
| | 40,560 |
| | 39,031 |
|
| Distributed income of equity investee | | 600 |
| | 425 |
| | 345 |
| | 370 |
| | 330 |
|
| Capitalized interest | | (5,257 | ) | | (4,942 | ) | | (5,064 | ) | | (4,660 | ) | | (3,771 | ) |
| Preferred stock distributions | | — |
| | — |
| | — |
| | — |
| | — |
|
| Earnings | | $ | 83,410 |
| | 84,409 |
| | 67,965 |
| | 61,931 |
| | 57,808 |
|
| | | | | | | | | | | |
| Interest expense | | $ | 34,666 |
| | 35,486 |
| | 35,192 |
| | 35,371 |
| | 34,709 |
|
| Capitalized interest | | 5,257 |
| | 4,942 |
| | 5,064 |
| | 4,660 |
| | 3,771 |
|
| Amortization of mortgage premiums | | 38 |
| | 18 |
| | 20 |
| | 96 |
| | 126 |
|
| Interest component of rental expense | | 427 |
| | 420 |
| | 436 |
| | 433 |
| | 425 |
|
| Preferred stock distributions | | — |
| | — |
| | — |
| | — |
| | — |
|
| Combined fixed charges and preferred stock distributions | | $ | 40,388 |
| | 40,866 |
| | 40,712 |
| | 40,560 |
| | 39,031 |
|
| | | | | | | | | | | |
| RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DISTRIBUTIONS | | 2.07 |
| | 2.07 |
| | 1.67 |
| | 1.53 |
| | 1.48 |
|
| | | | | | | | | | | |
