EXHIBIT 12
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2004 | 2003 | 2004 | 2003 | |||||||||||||
Income before discontinued operations, net of minority interests | $ | 14,444 | $ | 13,208 | $ | 27,236 | $ | 22,629 | ||||||||
Add: | ||||||||||||||||
Portion of rents representative of the interest factor | 157 | 167 | 312 | 328 | ||||||||||||
Minority interests | 572 | 225 | 1,070 | 801 | ||||||||||||
Interest on indebtedness from continuing operations | 29,295 | 29,595 | 58,201 | 61,156 | ||||||||||||
Earnings | $ | 44,468 | $ | 43,195 | $ | 86,819 | $ | 84,914 | ||||||||
Fixed charges and preferred stock dividend: | ||||||||||||||||
Interest on indebtedness from continuing operations | $ | 29,295 | $ | 29,595 | $ | 58,201 | $ | 61,156 | ||||||||
Capitalized interest | 208 | 173 | 480 | 322 | ||||||||||||
Portion of rents representative of the interest factor | 157 | 167 | 312 | 328 | ||||||||||||
Fixed charges | 29,660 | 29,935 | 58,993 | 61,806 | ||||||||||||
Add: | ||||||||||||||||
Preferred stock dividend | 5,094 | 6,532 | 10,178 | 13,478 | ||||||||||||
Accretion of preferred stock | 1,562 | 6,250 | 3,125 | 6,250 | ||||||||||||
Preferred stock dividend | 6,656 | 12,782 | 13,303 | 19,728 | ||||||||||||
Combined fixed charges and preferred stock dividend | $ | 36,316 | $ | 42,717 | $ | 72,296 | $ | 81,534 | ||||||||
Ratio of earnings to fixed charges | 1.50 | x | 1.44 | x | 1.47 | x | 1.37 | x | ||||||||
Ratio of earnings to combined fixed charges | ||||||||||||||||
and preferred stock dividend | 1.22 | x | 1.01 | x | 1.20 | x | 1.04 | x |