Exhibit 12
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
Years ended December 31, | |||||||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||||
Income/(loss) before discontinued operations, net of minority interests | $ | 31,821 | $ | 33,349 | ($ | 4,291 | ) | $ | 9,309 | $ | 13,574 | ||||||||||||
Add: | |||||||||||||||||||||||
Portion of rents representative of the interest factor | 651 | 651 | 691 | 794 | 866 | ||||||||||||||||||
Minority interests | 625 | (260 | ) | (666 | ) | 384 | (192 | ) | |||||||||||||||
Loss on equity investment in joint venture | — | — | — | 254 | 111 | ||||||||||||||||||
Interest on indebtedness from continuing operations | 124,087 | 117,457 | 128,522 | 135,088 | 147,455 | ||||||||||||||||||
Earnings | $ | 157,184 | $ | 151,197 | $ | 124,256 | $ | 145,829 | $ | 161,814 | |||||||||||||
Fixed charges and preferred stock dividend: | |||||||||||||||||||||||
Interest on indebtedness from continuing operations | $ | 124,087 | $ | 117,457 | $ | 128,522 | $ | 135,088 | $ | 147,455 | |||||||||||||
Capitalized interest | 986 | 1,808 | 931 | 2,925 | 3,650 | ||||||||||||||||||
Portion of rents representative of the interest factor | 651 | 651 | 691 | 794 | 866 | ||||||||||||||||||
Fixed charges | 125,724 | 119,916 | 130,144 | 138,807 | 151,971 | ||||||||||||||||||
Add: | |||||||||||||||||||||||
Preferred stock dividend | 19,531 | 26,326 | 27,424 | 31,190 | 36,891 | ||||||||||||||||||
Accretion of preferred stock | 5,729 | 19,271 | — | — | — | ||||||||||||||||||
Preferred stock dividend and accretion of preferred stock | 25,260 | 45,597 | 27,424 | 31,190 | 36,891 | ||||||||||||||||||
Combined fixed charges and preferred stock dividend | $ | 150,984 | $ | 165,513 | $ | 157,568 | $ | 169,997 | $ | 188,862 | |||||||||||||
Ratio of earnings to fixed charges | 1.25 | x | 1.26 | x | — | 1.05 | x | 1.06 | x | ||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividend | 1.04 | x | — | — | — | — |
For the year ended December 31, 2003, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $14.3 million.
For the year ended December 31, 2002, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $5.9 million.
For the year ended December 31, 2002, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $33.3 million.
For the year ended December 31, 2001, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $24.2 million. For the year ended December 31, 2000, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $27.0 million.