EXHIBIT 12
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
|
| Three months ended September 30, |
| Nine months ended September 30, |
| ||||||||||||||||
|
| 2006 |
| 2005 |
| 2006 |
| 2005 |
| ||||||||||||
(Loss)/income before discontinued operations, net of minority interests |
|
| $ | (7,281 | ) |
|
| $ | (1,361 | ) |
|
| $ | (20,398 | ) |
|
| $ | 563 |
|
|
Add (from continuing operations): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest on indebtedness |
|
| 47,148 |
|
|
| 41,586 |
|
|
| 138,049 |
|
|
| 119,320 |
|
| ||||
Loss on early debt retirement |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 6,662 |
|
| ||||
Minority interests |
|
| (740 | ) |
|
| (338 | ) |
|
| (1,953 | ) |
|
| (560 | ) |
| ||||
Portion of rents representative of the interest factor |
|
| 164 |
|
|
| 167 |
|
|
| 502 |
|
|
| 496 |
|
| ||||
Earnings |
|
| $ | 39,291 |
|
|
| $ | 40,054 |
|
|
| $ | 116,200 |
|
|
| $ | 126,481 |
|
|
Fixed charges and preferred stock dividend (from continuing operations): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest on indebtedness |
|
| $ | 47,148 |
|
|
| $ | 41,586 |
|
|
| $ | 138,049 |
|
|
| $ | 119,320 |
|
|
Loss on early debt retirement |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 6,662 |
|
| ||||
Capitalized interest |
|
| (1,053 | ) |
|
| 449 |
|
|
| (2,013 | ) |
|
| 1,279 |
|
| ||||
Portion of rents representative of the interest factor |
|
| 164 |
|
|
| 167 |
|
|
| 502 |
|
|
| 496 |
|
| ||||
Fixed charges |
|
| 46,259 |
|
|
| 42,202 |
|
|
| 136,538 |
|
|
| 127,757 |
|
| ||||
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Preferred stock dividend |
|
| 3,842 |
|
|
| 3,842 |
|
|
| 11,527 |
|
|
| 11,527 |
|
| ||||
Combined fixed charges and preferred stock dividend |
|
| $ | 50,101 |
|
|
| $ | 46,044 |
|
|
| $ | 148,065 |
|
|
| $ | 139,284 |
|
|
Ratio of earnings to fixed charges |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
| ||||
Ratio of earnings to combined fixed charges and preferred stock dividend |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
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|
For the three months ended September 30, 2006, the ratio of earnings to fixed charges and the ratio of combined fixed charges and preferred stock dividends was deficient of achieving a 1:1 ratio by $7.0 million and $10.8 million, respectively.
For the three months ended September 30, 2005, the ratio of earnings to fixed charges and the ratio of combined fixed charges and preferred stock dividends was deficient of achieving a 1:1 ratio by $2.1 million and $6.0 million, respectively.
For the nine months ended September 30, 2006, the ratio of earnings to fixed charges and the ratio of combined fixed charges and preferred stock dividends was deficient of achieving a 1:1 ratio by $20.3 million and $31.9 million, respectively.
For the nine months ended September 30, 2005, the ratio of earnings to fixed charges and the ratio of combined fixed charges and preferred stock dividends was deficient of achieving a 1:1 ratio by $1.3 million and $12.8 million, respectively.