EXHIBIT 12
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2003 | 2002 | 2003 | 2002 | |||||||||||||
Income before discontinued operations | $ | 14,407 | $ | 12,605 | $ | 25,414 | $ | 8,789 | ||||||||
Add: | ||||||||||||||||
Portion of rents representative of the interest factor | 167 | 169 | 324 | 362 | ||||||||||||
Minority interests | 302 | 635 | 982 | 368 | ||||||||||||
Interest on indebtedness | 29,594 | 32,569 | 61,094 | 64,014 | ||||||||||||
Earnings | $ | 44,470 | $ | 45,978 | $ | 87,814 | $ | 73,533 | ||||||||
Fixed charges and preferred stock dividend: | ||||||||||||||||
Interest on indebtedness | $ | 29,594 | $ | 32,569 | $ | 61,094 | $ | 64,014 | ||||||||
Capitalized interest | 175 | 78 | 324 | 700 | ||||||||||||
Portion of rents representative of the interest factor | 167 | 169 | 324 | 362 | ||||||||||||
Fixed charges | 29,936 | 32,816 | 61,742 | 65,076 | ||||||||||||
Add: | ||||||||||||||||
Preferred stock dividend | 6,532 | 6,875 | 13,478 | 13,751 | ||||||||||||
Combined fixed charges and preferred stock dividend | $ | 36,468 | $ | 39,691 | $ | 75,220 | $ | 78,827 | ||||||||
Ratio of earnings to fixed charges | 1.49 | x | 1.40 | x | 1.42 | x | 1.13 | x | ||||||||
Ratio of earnings to combined fixed charges and preferred stock dividend | 1.22 | x | 1.16 | x | 1.17 | x | 0.93 | x |
For the six months ended June 30, 2002, the ratio of earnings to combined fixed charges and preferred stock
dividend was deficient of achieving a 1:1 ratio by $5,294.