EXHIBIT 12 | |||||||||||||||||||||
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STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (UNAUDITED) | |||||||||||||||||||||
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| Year Ended December 31, |
| Six Months Ended June 30, | |||||||||||||||||
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| 2007 |
| 2008 |
| 2009 |
| 2010 |
| 2011 |
| 2011 |
| 2012 | |||||||
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| (dollars in thousands) | |||||||||||||||||||
Earnings: |
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Pretax income from continuing operations before adjustment for income or loss from equity investees(1) |
| $ | 79,596 |
| $ | 110,144 |
| $ | 124,974 |
| $ | 53,545 |
| $ | 134,871 |
| $ | 45,766 |
| $ | 88,542 |
Fixed charges |
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| 114,205 |
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| 124,540 |
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| 118,697 |
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| 151,031 |
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| 309,905 |
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| 138,178 |
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| 184,957 |
Capitalized interest |
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| (12,526) |
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| (25,029) |
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| (41,170) |
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| (20,792) |
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| (13,164) |
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| (6,979) |
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| (4,558) |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
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| 8,413 |
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| 11,231 |
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| 11,898 |
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| 13,945 |
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| 13,905 |
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| 6,414 |
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| 6,542 |
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
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| (238) |
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| (126) |
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| 342 |
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| (357) |
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| 4,894 |
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| 1,234 |
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| 1,876 |
Earnings |
| $ | 189,450 |
| $ | 220,760 |
| $ | 214,741 |
| $ | 197,372 |
| $ | 450,411 |
| $ | 184,613 |
| $ | 277,359 |
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Fixed charges: |
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Interest expense(1) |
| $ | 110,092 |
| $ | 110,742 |
| $ | 89,425 |
| $ | 144,184 |
| $ | 310,646 |
| $ | 137,613 |
| $ | 186,941 |
Capitalized interest |
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| 12,526 |
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| 25,029 |
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| 41,170 |
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| 20,792 |
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| 13,164 |
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| 6,979 |
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| 4,558 |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
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| (8,413) |
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| (11,231) |
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| (11,898) |
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| (13,945) |
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| (13,905) |
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| (6,414) |
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| (6,542) |
Fixed charges |
| $ | 114,205 |
| $ | 124,540 |
| $ | 118,697 |
| $ | 151,031 |
| $ | 309,905 |
| $ | 138,178 |
| $ | 184,957 |
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Consolidated ratio of earnings to fixed charges |
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| 1.66 |
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| 1.77 |
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| 1.81 |
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| 1.31 |
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| 1.45 |
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| 1.34 |
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| 1.50 |
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Earnings: |
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Pretax income from continuing operations before adjustment for income or loss from equity investees(1) |
| $ | 79,596 |
| $ | 110,144 |
| $ | 124,974 |
| $ | 53,545 |
| $ | 134,871 |
| $ | 45,766 |
| $ | 88,542 |
Fixed charges |
|
| 114,205 |
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| 124,540 |
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| 118,697 |
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| 151,031 |
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| 309,905 |
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| 138,178 |
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| 184,957 |
Capitalized interest |
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| (12,526) |
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| (25,029) |
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| (41,170) |
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| (20,792) |
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| (13,164) |
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| (6,979) |
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| (4,558) |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
|
| 8,413 |
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| 11,231 |
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| 11,898 |
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| 13,945 |
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| 13,905 |
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| 6,414 |
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| 6,542 |
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
|
| (238) |
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| (126) |
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| 342 |
|
| (357) |
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| 4,894 |
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| 1,234 |
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| 1,876 |
Earnings |
| $ | 189,450 |
| $ | 220,760 |
| $ | 214,741 |
| $ | 197,372 |
| $ | 450,411 |
| $ | 184,613 |
| $ | 277,359 |
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Fixed charges: |
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Interest expense(1) |
| $ | 110,092 |
| $ | 110,742 |
| $ | 89,425 |
| $ | 144,184 |
| $ | 310,646 |
| $ | 137,613 |
| $ | 186,941 |
Capitalized interest |
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| 12,526 |
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| 25,029 |
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| 41,170 |
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| 20,792 |
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| 13,164 |
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| 6,979 |
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| 4,558 |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
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| (8,413) |
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| (11,231) |
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| (11,898) |
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| (13,945) |
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| (13,905) |
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| (6,414) |
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| (6,542) |
Fixed charges |
|
| 114,205 |
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| 124,540 |
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| 118,697 |
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| 151,031 |
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| 309,905 |
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| 138,178 |
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| 184,957 |
Preferred stock dividends |
|
| 25,130 |
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| 23,201 |
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| 22,079 |
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| 21,645 |
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| 60,502 |
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| 26,033 |
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| 35,926 |
Combined fixed charges and preferred stock dividends |
| $ | 139,335 |
| $ | 147,741 |
| $ | 140,776 |
| $ | 172,676 |
| $ | 370,407 |
| $ | 164,211 |
| $ | 220,883 |
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Consolidated ratio of earnings to combined fixed charges and preferred stock dividends |
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| 1.36 |
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| 1.49 |
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| 1.53 |
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| 1.14 |
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| 1.22 |
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| 1.12 |
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| 1.26 |
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(1) We have reclassified the income and expenses attributable to the properties sold prior to or held for sale at June 30, 2012 to discontinued operations. |