Exhibit 12
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
Years Ended December 31, | ||||||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
(Loss)/income before discontinued operations, net of minority interests | $ | (27,407 | ) | $ | 729 | $ | 6,976 | $ | 7,086 | $ | (28,922 | ) | ||||||||
Add: | ||||||||||||||||||||
Portion of rents representative of the interest factor | 679 | 667 | 651 | 651 | 691 | |||||||||||||||
Minority interests | (2,619 | ) | (810 | ) | (1,048 | ) | (2,047 | ) | (2,288 | ) | ||||||||||
Interest on indebtedness from continuing operations | 182,285 | 162,773 | 122,024 | 114,300 | 124,901 | |||||||||||||||
Earnings | $ | 152,938 | $ | 163,359 | $ | 128,603 | $ | 119,990 | $ | 94,382 | ||||||||||
Fixed charges and preferred stock dividend: | ||||||||||||||||||||
Interest on indebtedness from continuing operations | $ | 182,285 | $ | 162,773 | $ | 122,024 | $ | 114,300 | $ | 124,901 | ||||||||||
Capitalized interest | 5,173 | 2,769 | 986 | 1,808 | 931 | |||||||||||||||
Portion of rents representative of the interest factor | 679 | 667 | 651 | 651 | 691 | |||||||||||||||
Fixed charges | 188,137 | 166,209 | 123,661 | 116,759 | 126,523 | |||||||||||||||
Add: | ||||||||||||||||||||
Preferred stock dividend | 15,370 | 15,370 | 19,531 | 26,326 | 27,424 | |||||||||||||||
Accretion of preferred stock | — | — | 5,729 | 19,271 | — | |||||||||||||||
Preferred stock dividend and accretion of preferred stock | 15,370 | 15,370 | 25,260 | 45,597 | 27,424 | |||||||||||||||
Combined fixed charges and preferred stock dividend | $ | 203,507 | $ | 181,579 | $ | 148,921 | $ | 162,356 | $ | 153,947 | ||||||||||
Ratio of earnings to fixed charges | — | — | 1.04 | x | 1.03 | x | — | |||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividend | — | — | — | — | — |
For the year ended December 31, 2006, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $35.2 million.
For the year ended December 31, 2006, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $50.6 million.
For the year ended December 31, 2005, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $2.9 million.
For the year ended December 31, 2005, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $18.2 million.
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 $20.3 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 $42.4 million.
For the year ended December 31, 2002, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $32.1 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 $59.6 million.