EXHIBIT 12
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
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| Three months ended September 30, |
| Nine months ended September 30, |
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| 2002 |
| 2001 |
| 2002 |
| 2001 |
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Income before discontinued operations and extraordinary items |
| $ | 10,540 |
| $ | 10,730 |
| $ | 36,709 |
| $ | 43,519 |
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Add: |
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| Portion of rents representative of the interest factor |
|
| 156 |
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| 197 |
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| 517 |
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| 593 |
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| Minority interests |
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| 641 |
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| 652 |
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| 2,164 |
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| 2,859 |
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| Loss on equity investment in joint venture |
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| — |
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| 79 |
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| — |
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| 497 |
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| Interest on indebtedness |
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| 34,179 |
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| 35,311 |
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| 97,954 |
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| 105,468 |
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| Earnings |
| $ | 45,516 |
| $ | 46,969 |
| $ | 137,344 |
| $ | 152,936 |
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Fixed charges and preferred stock dividend: |
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| Interest on indebtedness |
| $ | 34,179 |
| $ | 35,311 |
| $ | 97,954 |
| $ | 105,468 |
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| Capitalized interest |
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| 95 |
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| 638 |
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| 824 |
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| 2,317 |
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| Portion of rents representative of the interest factor |
|
| 156 |
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| 197 |
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| 517 |
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| 593 |
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| Fixed charges |
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| 34,430 |
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| 36,146 |
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| 99,295 |
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| 108,378 |
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Add: |
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| Preferred stock dividend |
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| 6,797 |
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| 6,769 |
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| 20,548 |
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| 24,422 |
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| Combined fixed charges and preferred stock dividend |
| $ | 41,227 |
| $ | 42,915 |
| $ | 119,843 |
| $ | 132,800 |
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Ratio of earnings to fixed charges |
|
| 1.32 | x |
| 1.30 | x |
| 1.38 | x |
| 1.41 | x | |||
Ratio of earnings to combined fixed charges and preferred stock dividend |
|
| 1.10 | x |
| 1.09 | x |
| 1.15 | x |
| 1.15 | x | |||