EXHIBIT 12
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
Three months ended | ||||||||
2003 | 2002 | |||||||
Income / (loss) before discontinued operations | $ | 11,985 |
| $ | (2,554 | ) | ||
Add: | ||||||||
Portion of rents representative of the interest factor |
| 156 |
|
| 195 |
| ||
Minority interests |
| 742 |
|
| (186 | ) | ||
Loss on equity investment in joint venture |
| — |
|
| (4 | ) | ||
Interest on indebtedness |
| 31,507 |
|
| 31,613 |
| ||
Earnings | $ | 44,390 |
| $ | 29,064 |
| ||
Fixed charges and preferred stock dividend: | ||||||||
Interest on indebtedness | $ | 31,507 |
| $ | 31,613 |
| ||
Capitalized interest |
| 154 |
|
| 637 |
| ||
Portion of rents representative of the interest factor |
| 156 |
|
| 195 |
| ||
Fixed charges |
| 31,817 |
|
| 32,445 |
| ||
Add: | ||||||||
Preferred stock dividend |
| 6,947 |
|
| 6,875 |
| ||
Combined fixed charges and preferred stock dividend | $ | 38,764 |
| $ | 39,320 |
| ||
Ratio of earnings to fixed charges |
| 1.40 | x |
| 0.90 | x | ||
Ratio of earnings to combined fixed charges and preferred stock dividend |
| 1.15 | x |
| 0.74 | x |
For the three months ended March 31, 2002, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $3,381.
For the three months ended March 31, 2002, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $10,256.