EXHIBIT 12
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
Three Months Ended | ||||||||||
March 31, | ||||||||||
2005 | 2004 | |||||||||
Income before discontinued operations, net of minority interests | $ | 6,442 | $ | 9,645 | ||||||
Add: | ||||||||||
Portion of rents representative of the interest factor | 162 | 151 | ||||||||
Minority interests | 220 | 273 | ||||||||
Loss on early debt retirement | 8,464 | 5 | ||||||||
Interest on indebtedness from continuing operations | 39,160 | 28,913 | ||||||||
Earnings | $ | 54,448 | $ | 38,987 | ||||||
Fixed charges and preferred stock dividend: | ||||||||||
Interest on indebtedness from continuing operations | $ | 39,160 | $ | 28,913 | ||||||
Loss on early debt retirement | 8,464 | 5 | ||||||||
Capitalized interest | (270 | ) | 272 | |||||||
Portion of rents representative of the interest factor | 162 | 151 | ||||||||
Fixed charges | 47,516 | 29,341 | ||||||||
Add: | ||||||||||
Preferred stock dividend | 3,842 | 5,085 | ||||||||
Accretion of preferred stock | — | 1,562 | ||||||||
Preferred stock dividend | 3,842 | 6,647 | ||||||||
Combined fixed charges and preferred stock dividend | $ | 51,358 | $ | 35,988 | ||||||
Ratio of earnings to fixed charges | 1.15 | x | 1.33 | x | ||||||
Ratio of earnings to combined fixed charges and preferred stock dividend | 1.06 | x | 1.08 | x |