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, |
| Three Months Ended March 31, | |||||||||||||||||
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| 2008 |
| 2009 |
| 2010 |
| 2011 |
| 2012 |
| 2012 |
| 2013 | |||||||
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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) |
| $ | 94,127 |
| $ | 107,627 |
| $ | 36,194 |
| $ | 112,301 |
| $ | 185,336 |
| $ | 45,589 |
| $ | (11,987) |
Fixed charges |
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| 115,352 |
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| 110,012 |
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| 140,739 |
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| 296,544 |
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| 365,389 |
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| 87,542 |
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| 108,400 |
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) |
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| (2,421) |
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| (1,606) |
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 |
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| 3,693 |
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| 3,495 |
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
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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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| 2,415 |
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| 1,056 |
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| (139) |
Earnings |
| $ | 195,555 |
| $ | 188,709 |
| $ | 169,729 |
| $ | 414,480 |
| $ | 554,758 |
| $ | 135,459 |
| $ | 98,163 |
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Fixed charges: |
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Interest expense(1) |
| $ | 101,554 |
| $ | 80,740 |
| $ | 133,892 |
| $ | 297,285 |
| $ | 367,007 |
| $ | 88,814 |
| $ | 110,289 |
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 |
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| 2,421 |
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| 1,606 |
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) |
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| (3,693) |
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| (3,495) |
Fixed charges |
| $ | 115,352 |
| $ | 110,012 |
| $ | 140,739 |
| $ | 296,544 |
| $ | 365,389 |
| $ | 87,542 |
| $ | 108,400 |
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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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| 1.55 |
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| 0.91 |
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Earnings: |
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Pretax income from continuing operations before adjustment for income or loss from equity investees(1) |
| $ | 94,127 |
| $ | 107,627 |
| $ | 36,194 |
| $ | 112,301 |
| $ | 185,336 |
| $ | 45,589 |
| $ | (11,987) |
Fixed charges |
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| 115,352 |
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| 110,012 |
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| 140,739 |
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| 296,544 |
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| 365,389 |
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| 87,542 |
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| 108,400 |
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) |
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| (2,421) |
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| (1,606) |
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 |
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| 3,693 |
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| 3,495 |
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 |
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| 1,056 |
|
| (139) |
Earnings |
| $ | 195,555 |
| $ | 188,709 |
| $ | 169,729 |
| $ | 414,480 |
| $ | 554,758 |
| $ | 135,459 |
| $ | 98,163 |
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Fixed charges: |
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Interest expense(1) |
| $ | 101,554 |
| $ | 80,740 |
| $ | 133,892 |
| $ | 297,285 |
| $ | 367,007 |
| $ | 88,814 |
| $ | 110,289 |
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 |
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| 2,421 |
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| 1,606 |
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) |
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| (3,693) |
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| (3,495) |
Fixed charges |
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| 115,352 |
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| 110,012 |
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| 140,739 |
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| 296,544 |
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| 365,389 |
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| 87,542 |
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| 108,400 |
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 |
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| 19,207 |
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| 16,602 |
Combined fixed charges and preferred stock dividends |
| $ | 138,553 |
| $ | 132,091 |
| $ | 162,384 |
| $ | 357,046 |
| $ | 434,518 |
| $ | 106,749 |
| $ | 125,002 |
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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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| 1.27 |
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| 0.79 |
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(1) We have reclassified the income and expenses attributable to the properties sold prior to or held for sale at March 31, 2013 to discontinued operations. |