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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, | |||||||||||||
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| 2008 |
| 2009 |
| 2010 |
| 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) |
| $ | 94,414 |
| $ | 107,936 |
| $ | 36,500 |
| $ | 112,610 |
| $ | 185,653 |
Fixed charges |
|
| 115,454 |
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| 110,096 |
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| 140,825 |
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| 296,632 |
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| 365,465 |
Capitalized interest |
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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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| (9,777) |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
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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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| 11,395 |
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
|
| (126) |
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| 342 |
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| (357) |
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| 4,894 |
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| 2,415 |
Earnings |
| $ | 195,944 |
| $ | 189,102 |
| $ | 170,121 |
| $ | 414,877 |
| $ | 555,151 |
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Fixed charges: |
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Interest expense(1) |
| $ | 101,656 |
| $ | 80,824 |
| $ | 133,978 |
| $ | 297,373 |
| $ | 367,083 |
Capitalized interest |
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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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| 9,777 |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
|
| (11,231) |
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| (11,898) |
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| (13,945) |
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| (13,905) |
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| (11,395) |
Fixed charges |
| $ | 115,454 |
| $ | 110,096 |
| $ | 140,825 |
| $ | 296,632 |
| $ | 365,465 |
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Consolidated ratio of earnings to fixed charges |
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| 1.70 |
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| 1.72 |
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| 1.21 |
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| 1.40 |
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| 1.52 |
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Earnings: |
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Pretax income from continuing operations before adjustment for income or loss from equity investees(1) |
| $ | 94,414 |
| $ | 107,936 |
| $ | 36,500 |
| $ | 112,610 |
| $ | 185,653 |
Fixed charges |
|
| 115,454 |
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| 110,096 |
|
| 140,825 |
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| 296,632 |
|
| 365,465 |
Capitalized interest |
|
| (25,029) |
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| (41,170) |
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| (20,792) |
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| (13,164) |
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| (9,777) |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
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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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| 11,395 |
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
|
| (126) |
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| 342 |
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| (357) |
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| 4,894 |
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| 2,415 |
Earnings |
| $ | 195,944 |
| $ | 189,102 |
| $ | 170,121 |
| $ | 414,877 |
| $ | 555,151 |
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Fixed charges: |
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Interest expense(1) |
| $ | 101,656 |
| $ | 80,824 |
| $ | 133,978 |
| $ | 297,373 |
| $ | 367,083 |
Capitalized interest |
|
| 25,029 |
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| 41,170 |
|
| 20,792 |
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| 13,164 |
|
| 9,777 |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
|
| (11,231) |
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| (11,898) |
|
| (13,945) |
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| (13,905) |
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| (11,395) |
Fixed charges |
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| 115,454 |
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| 110,096 |
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| 140,825 |
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| 296,632 |
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| 365,465 |
Preferred stock dividends |
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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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| 69,129 |
Combined fixed charges and preferred stock dividends |
| $ | 138,655 |
| $ | 132,175 |
| $ | 162,470 |
| $ | 357,134 |
| $ | 434,594 |
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Consolidated ratio of earnings to combined fixed charges and preferred stock dividends |
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| 1.41 |
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| 1.43 |
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| 1.05 |
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| 1.16 |
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| 1.28 |
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(1) We have reclassified the income and expenses attributable to the properties sold prior to or held for sale at December 31, 2012 to discontinued operations. |