EXHIBIT 12
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
Three months ended | Six months ended | |||||||||||||||||
June 30, | June 30, | |||||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||||
Income before discontinued operations, net of minority interests | $ | 5,400 | $ | 9,824 | $ | 11,963 | $ | 17,927 | ||||||||||
Add: | ||||||||||||||||||
Portion of rents representative of the interest factor | 164 | 157 | 329 | 312 | ||||||||||||||
Minority interests | 161 | 258 | 389 | 437 | ||||||||||||||
Loss on early debt retirement | 18 | — | 6,785 | 5 | ||||||||||||||
Interest on indebtedness from continuing operations | 39,079 | 29,084 | 78,012 | 57,770 | ||||||||||||||
Earnings | $ | 44,822 | $ | 39,323 | $ | 97,478 | $ | 76,451 | ||||||||||
Fixed charges and preferred stock dividend: | ||||||||||||||||||
Interest on indebtedness from continuing operations | $ | 39,079 | $ | 29,084 | $ | 78,012 | $ | 57,770 | ||||||||||
Capitalized interest | 338 | 208 | 635 | 480 | ||||||||||||||
Portion of rents representative of the interest factor | 164 | 157 | 329 | 312 | ||||||||||||||
Fixed charges | 39,581 | 29,449 | 78,976 | 58,562 | ||||||||||||||
Add: | ||||||||||||||||||
Preferred stock dividend | 3,842 | 5,094 | 7,685 | 10,178 | ||||||||||||||
Accretion of preferred stock | — | 1,562 | — | 3,125 | ||||||||||||||
Preferred stock dividend | 3,842 | 6,656 | 7,685 | 13,303 | ||||||||||||||
Combined fixed charges and preferred stock dividend | $ | 43,423 | $ | 36,105 | $ | 86,661 | $ | 71,865 | ||||||||||
Ratio of earnings to fixed charges | 1.13 | x | 1.34 | x | 1.23 | x | 1.31 | x | ||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividend | 1.03 | x | 1.09 | x | 1.12 | x | 1.06 | x |