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, | |||||||||||||||||
(dollars in thousands) |
| 2012 |
| 2013 |
| 2014 |
| 2015 |
| 2016 |
| 2016 |
| 2017 | |||||||
Earnings: |
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Pretax income from continuing operations before adjustment for income or loss from equity investees(1) |
| $ | 185,912 |
| $ | 102,245 |
| $ | 384,213 |
| $ | 636,117 |
| $ | 709,253 |
| $ | 378,232 |
| $ | 275,686 |
Fixed charges |
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| 359,947 |
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| 460,918 |
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| 485,762 |
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| 498,253 |
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| 536,607 |
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| 271,708 |
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| 237,689 |
Capitalized interest |
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| (9,777) |
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| (6,700) |
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| (7,150) |
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| (8,670) |
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| (16,943) |
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| (7,343) |
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| (7,488) |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
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| 11,395 |
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| 4,142 |
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| 2,427 |
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| 2,586 |
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| 1,681 |
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| 920 |
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| 4,626 |
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
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| 2,415 |
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| 6,770 |
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| (147) |
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| (4,799) |
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| (4,267) |
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| 924 |
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| (4,156) |
Earnings |
| $ | 549,892 |
| $ | 567,375 |
| $ | 865,105 |
| $ | 1,123,487 |
| $ | 1,226,331 |
| $ | 644,441 |
| $ | 506,357 |
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Fixed charges: |
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Interest expense(1) |
| $ | 361,565 |
| $ | 458,360 |
| $ | 481,039 |
| $ | 492,169 |
| $ | 521,345 |
| $ | 265,285 |
| $ | 234,827 |
Capitalized interest |
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| 9,777 |
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| 6,700 |
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| 7,150 |
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| 8,670 |
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| 16,943 |
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| 7,343 |
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| 7,488 |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
|
| (11,395) |
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| (4,142) |
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| (2,427) |
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| (2,586) |
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| (1,681) |
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| (920) |
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| (4,626) |
Fixed charges |
| $ | 359,947 |
| $ | 460,918 |
| $ | 485,762 |
| $ | 498,253 |
| $ | 536,607 |
| $ | 271,708 |
| $ | 237,689 |
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Consolidated ratio of earnings to fixed charges |
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| 1.53 |
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| 1.23 |
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| 1.78 |
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| 2.25 |
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| 2.29 |
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| 2.37 |
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| 2.13 |
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Earnings: |
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Pretax income from continuing operations before adjustment for income or loss from equity investees(1) |
| $ | 185,912 |
| $ | 102,245 |
| $ | 384,213 |
| $ | 636,117 |
| $ | 709,253 |
| $ | 378,232 |
| $ | 275,686 |
Fixed charges |
|
| 359,947 |
|
| 460,918 |
|
| 485,762 |
|
| 498,253 |
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| 536,607 |
|
| 271,708 |
|
| 237,689 |
Capitalized interest |
|
| (9,777) |
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| (6,700) |
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| (7,150) |
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| (8,670) |
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| (16,943) |
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| (7,343) |
|
| (7,488) |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
|
| 11,395 |
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| 4,142 |
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| 2,427 |
|
| 2,586 |
|
| 1,681 |
|
| 920 |
|
| 4,626 |
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
|
| 2,415 |
|
| 6,770 |
|
| (147) |
|
| (4,799) |
|
| (4,267) |
|
| 924 |
|
| (4,156) |
Earnings |
| $ | 549,892 |
| $ | 567,375 |
| $ | 865,105 |
| $ | 1,123,487 |
| $ | 1,226,331 |
| $ | 644,441 |
| $ | 506,357 |
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Fixed charges: |
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Interest expense(1) |
| $ | 361,565 |
| $ | 458,360 |
| $ | 481,039 |
| $ | 492,169 |
| $ | 521,345 |
| $ | 265,285 |
| $ | 234,827 |
Capitalized interest |
|
| 9,777 |
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| 6,700 |
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| 7,150 |
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| 8,670 |
|
| 16,943 |
|
| 7,343 |
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| 7,488 |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
|
| (11,395) |
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| (4,142) |
|
| (2,427) |
|
| (2,586) |
|
| (1,681) |
|
| (920) |
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| (4,626) |
Fixed charges |
|
| 359,947 |
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| 460,918 |
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| 485,762 |
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| 498,253 |
|
| 536,607 |
|
| 271,708 |
|
| 237,689 |
Preferred stock dividends |
|
| 69,129 |
|
| 66,336 |
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| 65,408 |
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| 65,406 |
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| 65,406 |
|
| 32,703 |
|
| 26,059 |
Combined fixed charges and preferred stock dividends |
| $ | 429,076 |
| $ | 527,254 |
| $ | 551,170 |
| $ | 563,659 |
| $ | 602,013 |
| $ | 304,411 |
| $ | 263,748 |
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Consolidated ratio of earnings to combined fixed charges and preferred stock dividends |
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| 1.28 |
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| 1.08 |
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| 1.57 |
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| 1.99 |
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| 2.04 |
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| 2.12 |
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| 1.92 |
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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. |
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