Exhibit 12
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
Three Months Ended | ||||||||||
March 31, | ||||||||||
2006 | 2005 | |||||||||
(Loss)/income before discontinued operations, net of minority interests | $ | (3,352 | ) | $ | 4,789 | |||||
Add (from continuing operations): | ||||||||||
Interest on indebtedness | 44,094 | 38,572 | ||||||||
Loss on early debt retirement | — | 6,644 | ||||||||
Minority interests | (452 | ) | 117 | |||||||
Portion of rents representative of the interest factor | 168 | 165 | ||||||||
Earnings | $ | 40,458 | $ | 50,287 | ||||||
Fixed charges and preferred stock dividend (from continuing operations): | ||||||||||
Interest on indebtedness | $ | 44,094 | $ | 38,572 | ||||||
Loss on early debt retirement | — | 6,644 | ||||||||
Capitalized interest | 835 | 410 | ||||||||
Portion of rents representative of the interest factor | 168 | 165 | ||||||||
Fixed charges | 45,097 | 45,791 | ||||||||
Add: | ||||||||||
Preferred stock dividend | 3,842 | 3,842 | ||||||||
Combined fixed charges and preferred stock dividend | $ | 48,939 | $ | 49,633 | ||||||
Ratio of earnings to fixed charges | — | 1.10 | x | |||||||
Ratio of earnings to combined fixed charges and preferred stock dividend | — | 1.01 | x |
For the three months ended March 31, 2006, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $4.6 million.
For the three months ended March 31, 2006, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $8.5 million.