EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in thousands)
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2004 | 2003 | 2004 | 2003 | |||||||||||||||
Income before discontinued operations, net of minority interests | $ | 6,670 | $ | 9,603 | $ | 30,258 | $ | 28,213 | ||||||||||
Add: | ||||||||||||||||||
Portion of rents representative of the interest factor | 159 | 165 | 470 | 493 | ||||||||||||||
Minority interests | (42 | ) | (145 | ) | (864 | ) | (702 | ) | ||||||||||
Interest on indebtedness from continuing operations | 29,990 | 27,844 | 88,218 | 89,016 | ||||||||||||||
Earnings | $ | 36,777 | $ | 37,467 | $ | 118,082 | $ | 117,020 | ||||||||||
Fixed charges and preferred stock dividend: | ||||||||||||||||||
Interest on indebtedness from continuing operations | $ | 29,990 | $ | 27,844 | $ | 88,218 | $ | 89,016 | ||||||||||
Capitalized interest | 200 | 1,015 | 651 | 1,321 | ||||||||||||||
Portion of rents representative of the interest factor | 159 | 165 | 470 | 493 | ||||||||||||||
Fixed charges | 30,349 | 29,024 | 89,339 | 90,830 | ||||||||||||||
Add: | ||||||||||||||||||
Preferred stock dividend | 5,094 | 7,102 | 15,271 | 20,580 | ||||||||||||||
Accretion of preferred stock | 1,562 | 12,100 | 4,687 | 18,350 | ||||||||||||||
Preferred stock dividend | 6,656 | 19,202 | 19,958 | 38,930 | ||||||||||||||
Combined fixed charges and preferred stock dividend | $ | 37,005 | $ | 48,226 | $ | 109,297 | $ | 129,760 | ||||||||||
Ratio of earnings to fixed charges | 1.21 | x | 1.29 | x | 1.32 | x | 1.29 | x | ||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividend | — | — | 1.08 | x | — |
For the three and nine months ended September 30, 2003, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $10.8 million and $12.7 million, respectively.
For the three months ended September 30, 2004, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $0.2 million.