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, | |||||||||||||||||
(dollars in thousands) |
| 2009 |
| 2010 |
| 2011 |
| 2012 |
| 2013 |
| 2013 |
| 2014 | |||||||
Earnings: |
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Pretax income from continuing operations before adjustment for income or loss from equity investees(1) |
| $ | 102,612 |
| $ | 32,976 |
| $ | 112,203 |
| $ | 185,912 |
| $ | 102,245 |
| $ | (11,785) |
| $ | 72,556 |
Fixed charges |
|
| 104,824 |
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| 134,905 |
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| 290,240 |
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| 359,947 |
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| 460,918 |
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| 106,949 |
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| 122,107 |
Capitalized interest |
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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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| (6,700) |
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| (1,606) |
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| (1,605) |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
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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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| 4,142 |
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| 3,495 |
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| 330 |
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
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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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| 6,770 |
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| (139) |
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| 1,175 |
Earnings |
| $ | 178,506 |
| $ | 160,677 |
| $ | 408,078 |
| $ | 549,892 |
| $ | 567,375 |
| $ | 96,914 |
| $ | 194,564 |
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Fixed charges: |
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Interest expense(1) |
| $ | 75,552 |
| $ | 128,058 |
| $ | 290,981 |
| $ | 361,565 |
| $ | 458,360 |
| $ | 108,838 |
| $ | 120,833 |
Capitalized interest |
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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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| 6,700 |
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| 1,606 |
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| 1,605 |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
|
| (11,898) |
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| (13,945) |
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| (13,905) |
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| (11,395) |
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| (4,142) |
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| (3,495) |
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| (330) |
Fixed charges |
| $ | 104,824 |
| $ | 134,905 |
| $ | 290,240 |
| $ | 359,947 |
| $ | 460,918 |
| $ | 106,949 |
| $ | 122,107 |
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Consolidated ratio of earnings to fixed charges |
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| 1.70 |
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| 1.19 |
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| 1.41 |
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| 1.53 |
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| 1.23 |
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| 0.91 |
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| 1.59 |
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Earnings: |
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Pretax income from continuing operations before adjustment for income or loss from equity investees(1) |
| $ | 102,612 |
| $ | 32,976 |
| $ | 112,203 |
| $ | 185,912 |
| $ | 102,245 |
| $ | (11,785) |
| $ | 72,556 |
Fixed charges |
|
| 104,824 |
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| 134,905 |
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| 290,240 |
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| 359,947 |
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| 460,918 |
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| 106,949 |
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| 122,107 |
Capitalized interest |
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| (41,170) |
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| (20,792) |
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| (13,164) |
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| (9,777) |
|
| (6,700) |
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| (1,606) |
|
| (1,605) |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
|
| 11,898 |
|
| 13,945 |
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| 13,905 |
|
| 11,395 |
|
| 4,142 |
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| 3,495 |
|
| 330 |
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
|
| 342 |
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| (357) |
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| 4,894 |
|
| 2,415 |
|
| 6,770 |
|
| (139) |
|
| 1,175 |
Earnings |
| $ | 178,506 |
| $ | 160,677 |
| $ | 408,078 |
| $ | 549,892 |
| $ | 567,375 |
| $ | 96,914 |
| $ | 194,564 |
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Fixed charges: |
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Interest expense(1) |
| $ | 75,552 |
| $ | 128,058 |
| $ | 290,981 |
| $ | 361,565 |
| $ | 458,360 |
| $ | 108,838 |
| $ | 120,833 |
Capitalized interest |
|
| 41,170 |
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| 20,792 |
|
| 13,164 |
|
| 9,777 |
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| 6,700 |
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| 1,606 |
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| 1,605 |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
|
| (11,898) |
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| (13,945) |
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| (13,905) |
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| (11,395) |
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| (4,142) |
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| (3,495) |
|
| (330) |
Fixed charges |
|
| 104,824 |
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| 134,905 |
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| 290,240 |
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| 359,947 |
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| 460,918 |
|
| 106,949 |
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| 122,107 |
Preferred stock dividends |
|
| 22,079 |
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| 21,645 |
|
| 60,502 |
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| 69,129 |
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| 66,336 |
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| 16,602 |
|
| 16,353 |
Combined fixed charges and preferred stock dividends |
| $ | 126,903 |
| $ | 156,550 |
| $ | 350,742 |
| $ | 429,076 |
| $ | 527,254 |
| $ | 123,551 |
| $ | 138,461 |
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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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| 1.03 |
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| 1.16 |
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| 1.28 |
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| 1.08 |
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| 0.78 |
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| 1.41 |
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(1) We have reclassified the income and expenses attributable to the properties sold prior to or held for sale at January 1, 2014 to discontinued operations. |