Exhibit 12
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
(Dollars in thousands)
Years ended December 31, | ||||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
Income/(loss) before discontinued operations, net of minority interests | $ | 18,302 | $ | 24,421 | $ | 24,188 | $ | (13,985 | ) | $ | 1,924 | |||||||||
Add: | ||||||||||||||||||||
Portion of rents representative of the interest factor | 667 | 651 | 651 | 691 | 794 | |||||||||||||||
Minority interests | 288 | 127 | (883 | ) | (1,304 | ) | (151 | ) | ||||||||||||
Loss on equity investment in joint venture | — | — | — | — | 254 | |||||||||||||||
Interest on indebtedness from continuing operations | 162,508 | 123,170 | 116,294 | 127,102 | 132,196 | |||||||||||||||
Earnings | $ | 181,765 | $ | 148,369 | $ | 140,250 | $ | 112,504 | $ | 135,017 | ||||||||||
Fixed charges and preferred stock dividend: | ||||||||||||||||||||
Interest on indebtedness from continuing operations | $ | 162,508 | $ | 123,170 | $ | 116,294 | $ | 127,102 | $ | 132,196 | ||||||||||
Capitalized interest | 2,769 | 986 | 1,808 | 931 | 2,925 | |||||||||||||||
Portion of rents representative of the interest factor | 667 | 651 | 651 | 691 | 794 | |||||||||||||||
Fixed charges | 165,944 | 124,807 | 118,753 | 128,724 | 135,915 | |||||||||||||||
Add: | ||||||||||||||||||||
Preferred stock dividend | 15,370 | 19,531 | 26,326 | 27,424 | 31,190 | |||||||||||||||
Accretion of preferred stock | — | 5,729 | 19,271 | — | — | |||||||||||||||
Preferred stock dividend and accretion of preferred stock | 15,370 | 25,260 | 45,597 | 27,424 | 31,190 | |||||||||||||||
Combined fixed charges and preferred stock dividend | $ | 181,314 | $ | 150,067 | $ | 164,350 | $ | 156,148 | $ | 167,105 | ||||||||||
Ratio of earnings to fixed charges | 1.10 | x | 1.19 | x | 1.18 | x | — | — | ||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividend | 1.00 | x | — | — | — | — |
For the year ended December 31, 2004, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $1.7 million.
For the year ended December 31, 2003, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $24.1 million.
For the year ended December 31, 2002, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $16.2 million.
For the year ended December 31, 2002, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $43.6 million.
For the year ended December 31, 2001, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $0.9 million.
For the year ended December 31, 2001, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $32.1 million.