Exhibit 12
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
Years ended December 31, | ||||||||||||||||||||
2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||
Income before discontinued operations and extraordinary items | $ | 50,058 |
| $ | 53,644 |
| $ | 61,198 |
| $ | 80,110 |
| $ | 60,253 |
| |||||
Add: | ||||||||||||||||||||
Portion of rents representative of the interest factor |
| 691 |
|
| 794 |
|
| 866 |
|
| 928 |
|
| 569 |
| |||||
Minority interests |
| 2,914 |
|
| 3,599 |
|
| 3,267 |
|
| 4,607 |
|
| 1,541 |
| |||||
Loss on equity investment in joint venture |
| — |
|
| 254 |
|
| 111 |
|
| — |
|
| — |
| |||||
Interest on indebtedness |
| 132,941 |
|
| 144,379 |
|
| 156,040 |
|
| 153,748 |
|
| 106,238 |
| |||||
Earnings | $ | 186,604 |
| $ | 202,670 |
| $ | 221,482 |
| $ | 239,393 |
| $ | 168,601 |
| |||||
Fixed charges and preferred stock dividend: | ||||||||||||||||||||
Interest on indebtedness | $ | 132,941 |
| $ | 144,379 |
| $ | 156,040 |
| $ | 153,748 |
| $ | 106,238 |
| |||||
Capitalized interest |
| 931 |
|
| 2,925 |
|
| 3,650 |
|
| 5,153 |
|
| 3,360 |
| |||||
Portion of rents representative of the interest factor |
| 691 |
|
| 794 |
|
| 866 |
|
| 928 |
|
| 569 |
| |||||
Fixed charges |
| 134,563 |
|
| 148,098 |
|
| 160,556 |
|
| 159,829 |
|
| 110,167 |
| |||||
Add: | ||||||||||||||||||||
Preferred stock dividend |
| 27,424 |
|
| 31,190 |
|
| 36,891 |
|
| 37,714 |
|
| 23,593 |
| |||||
Combined fixed charges and preferred stock dividend | $ | 161,987 |
| $ | 179,288 |
| $ | 197,447 |
| $ | 197,543 |
| $ | 133,760 |
| |||||
Ratio of earnings to fixed charges |
| 1.39 | x |
| 1.37 | x |
| 1.38 | x |
| 1.50 | x |
| 1.53 | x | |||||
Ratio of earnings to combined fixed charges and preferred stock dividend |
| 1.15 | x |
| 1.13 | x |
| 1.12 | x |
| 1.21 | x |
| 1.26 | x |