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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| 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) |
| $ | 92,436 |
| $ | 106,584 |
| $ | 36,808 |
| $ | 111,411 |
| $ | 184,622 |
| $ | 76,773 |
| $ | 31,648 |
Fixed charges |
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| 113,734 |
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| 108,616 |
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| 139,255 |
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| 295,056 |
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| 364,094 |
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| 177,796 |
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| 218,845 |
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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| (4,558) |
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| (2,992) |
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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| 6,542 |
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| 4,732 |
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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| 1,876 |
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| 774 |
Earnings |
| $ | 192,246 |
| $ | 186,270 |
| $ | 168,859 |
| $ | 412,102 |
| $ | 552,749 |
| $ | 258,429 |
| $ | 253,007 |
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Fixed charges: |
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Interest expense(1) |
| $ | 99,936 |
| $ | 79,344 |
| $ | 132,408 |
| $ | 295,797 |
| $ | 365,712 |
| $ | 179,780 |
| $ | 220,585 |
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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| 4,558 |
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| 2,992 |
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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| (6,542) |
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| (4,732) |
Fixed charges |
| $ | 113,734 |
| $ | 108,616 |
| $ | 139,255 |
| $ | 295,056 |
| $ | 364,094 |
| $ | 177,796 |
| $ | 218,845 |
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Consolidated ratio of earnings to fixed charges |
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| 1.69 |
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| 1.71 |
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| 1.21 |
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| 1.40 |
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| 1.52�� |
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| 1.45 |
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| 1.16 |
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Earnings: |
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Pretax income from continuing operations before adjustment for income or loss from equity investees(1) |
| $ | 92,436 |
| $ | 106,584 |
| $ | 36,808 |
| $ | 111,411 |
| $ | 184,622 |
| $ | 76,773 |
| $ | 31,648 |
Fixed charges |
|
| 113,734 |
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| 108,616 |
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| 139,255 |
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| 295,056 |
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| 364,094 |
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| 177,796 |
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| 218,845 |
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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| (4,558) |
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| (2,992) |
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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| 6,542 |
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| 4,732 |
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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| 1,876 |
|
| 774 |
Earnings |
| $ | 192,246 |
| $ | 186,270 |
| $ | 168,859 |
| $ | 412,102 |
| $ | 552,749 |
| $ | 258,429 |
| $ | 253,007 |
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Fixed charges: |
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Interest expense(1) |
| $ | 99,936 |
| $ | 79,344 |
| $ | 132,408 |
| $ | 295,797 |
| $ | 365,712 |
| $ | 179,780 |
| $ | 220,585 |
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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| 4,558 |
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| 2,992 |
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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| (6,542) |
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| (4,732) |
Fixed charges |
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| 113,734 |
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| 108,616 |
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| 139,255 |
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| 295,056 |
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| 364,094 |
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| 177,796 |
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| 218,845 |
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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| 35,926 |
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| 33,203 |
Combined fixed charges and preferred stock dividends |
| $ | 136,935 |
| $ | 130,695 |
| $ | 160,900 |
| $ | 355,558 |
| $ | 433,223 |
| $ | 213,722 |
| $ | 252,048 |
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Consolidated ratio of earnings to combined fixed charges and preferred stock dividends |
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| 1.40 |
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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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| 1.21 |
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| 1.00 |
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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, 2013 to discontinued operations. |