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, |
| Nine Months Ended September 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) |
| $ | 76,934 |
| $ | 109,176 |
| $ | 123,952 |
| $ | 51,789 |
| $ | 133,199 |
| $ | 89,856 |
| $ | 130,917 |
Fixed charges |
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| 112,192 |
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| 122,423 |
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| 115,904 |
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| 147,995 |
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| 306,788 |
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| 220,489 |
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| 278,388 |
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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| (10,090) |
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| (7,113) |
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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| 10,128 |
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| 8,783 |
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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| 2,721 |
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| 2,241 |
Earnings |
| $ | 184,775 |
| $ | 217,675 |
| $ | 210,926 |
| $ | 192,580 |
| $ | 445,622 |
| $ | 313,104 |
| $ | 413,216 |
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Fixed charges: |
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Interest expense(1) |
| $ | 108,079 |
| $ | 108,625 |
| $ | 86,632 |
| $ | 141,148 |
| $ | 307,529 |
| $ | 220,527 |
| $ | 280,058 |
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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| 10,090 |
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| 7,113 |
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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| (10,128) |
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| (8,783) |
Fixed charges |
| $ | 112,192 |
| $ | 122,423 |
| $ | 115,904 |
| $ | 147,995 |
| $ | 306,788 |
| $ | 220,489 |
| $ | 278,388 |
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Consolidated ratio of earnings to fixed charges |
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| 1.65 |
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| 1.78 |
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| 1.82 |
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| 1.30 |
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| 1.45 |
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| 1.42 |
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| 1.48 |
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Earnings: |
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Pretax income from continuing operations before adjustment for income or loss from equity investees(1) |
| $ | 76,934 |
| $ | 109,176 |
| $ | 123,952 |
| $ | 51,789 |
| $ | 133,199 |
| $ | 89,856 |
| $ | 130,917 |
Fixed charges |
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| 112,192 |
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| 122,423 |
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| 115,904 |
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| 147,995 |
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| 306,788 |
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| 220,489 |
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| 278,388 |
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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| (10,090) |
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| (7,113) |
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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| 10,128 |
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| 8,783 |
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 |
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| (357) |
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| 4,894 |
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| 2,721 |
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| 2,241 |
Earnings |
| $ | 184,775 |
| $ | 217,675 |
| $ | 210,926 |
| $ | 192,580 |
| $ | 445,622 |
| $ | 313,104 |
| $ | 413,216 |
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Fixed charges: |
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Interest expense(1) |
| $ | 108,079 |
| $ | 108,625 |
| $ | 86,632 |
| $ | 141,148 |
| $ | 307,529 |
| $ | 220,527 |
| $ | 280,058 |
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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| 10,090 |
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| 7,113 |
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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| (10,128) |
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| (8,783) |
Fixed charges |
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| 112,192 |
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| 122,423 |
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| 115,904 |
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| 147,995 |
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| 306,788 |
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| 220,489 |
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| 278,388 |
Preferred stock dividends |
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| 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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| 43,268 |
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| 52,527 |
Combined fixed charges and preferred stock dividends |
| $ | 137,322 |
| $ | 145,624 |
| $ | 137,983 |
| $ | 169,640 |
| $ | 367,290 |
| $ | 263,757 |
| $ | 330,915 |
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Consolidated ratio of earnings to combined fixed charges and preferred stock dividends |
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| 1.35 |
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| 1.49 |
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| 1.53 |
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| 1.14 |
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| 1.21 |
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| 1.19 |
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| 1.25 |
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(1) We have reclassified the income and expenses attributable to the properties sold prior to or held for sale at September 30, 2012 to discontinued operations. |