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, | |||||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||||
Income before discontinued operations, net of minority interests | $ | 3,183 | $ | 3,534 | $ | 14,147 | $ | 20,488 | ||||||||||
Add: | ||||||||||||||||||
Portion of rents representative of the interest factor | 167 | 159 | 496 | 470 | ||||||||||||||
Minority interests | (77 | ) | (171 | ) | 250 | 199 | ||||||||||||
Loss on early debt retirement | — | — | 6,785 | — | ||||||||||||||
Interest on indebtedness from continuing operations | 41,331 | 29,780 | 119,347 | 87,555 | ||||||||||||||
Earnings | $ | 44,604 | $ | 33,302 | $ | 141,025 | $ | 108,712 | ||||||||||
Fixed charges and preferred stock dividend: | ||||||||||||||||||
Interest on indebtedness from continuing operations | $ | 41,331 | $ | 29,780 | $ | 119,347 | $ | 87,555 | ||||||||||
Capitalized interest | 353 | 212 | 988 | 692 | ||||||||||||||
Portion of rents representative of the interest factor | 167 | 159 | 496 | 470 | ||||||||||||||
Fixed charges | 41,851 | 30,151 | 120,831 | 88,717 | ||||||||||||||
Add: | ||||||||||||||||||
Preferred stock dividend | 3,842 | 5,094 | 11,527 | 15,271 | ||||||||||||||
Accretion of preferred stock | — | 1,562 | — | 4,687 | ||||||||||||||
Preferred stock dividend | 3,842 | 6,656 | 11,527 | 19,958 | ||||||||||||||
Combined fixed charges and preferred stock dividend | $ | 45,693 | $ | 36,807 | $ | 132,358 | $ | 108,675 | ||||||||||
Ratio of earnings to fixed charges | 1.07 | x | 1.10 | x | 1.17 | x | 1.23 | x | ||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividend | — | — | 1.07 | x | 1.00 | x |
For the three months ended September 30, 2005 and 2004, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $1.1 million and $3.5 million, respectively.