| Year Ended December 31, | ||||||||||||||||||||
| 2005 | 2006 | 2007 | 2008 | 2009 | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
| Pretax income from continuing operations before adjustment for income or loss from equity investees (1) | $ | 60,949 | $ | 84,389 | $ | 103,481 | $ | 139,852 | $ | 160,837 | ||||||||||
| Fixed charges | 84,262 | 101,263 | 149,439 | 154,857 | 139,044 | |||||||||||||||
| Capitalized interest | (665 | ) | (4,470 | ) | (12,526 | ) | (25,029 | ) | (41,170 | ) | ||||||||||
| Amortized premiums, discounts and capitalized expenses related to indebtedness | 1,738 | 3,403 | 8,413 | 11,231 | 11,898 | |||||||||||||||
| Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | 0 | (13 | ) | (238 | ) | (126 | ) | 342 | ||||||||||||
| Earnings | $ | 146,284 | $ | 184,572 | $ | 248,569 | $ | 280,785 | $ | 270,951 | ||||||||||
Fixed charges: | ||||||||||||||||||||
| Interest expense (1) | $ | 85,335 | $ | 100,196 | $ | 145,326 | $ | 141,059 | $ | 109,772 | ||||||||||
| Capitalized interest | 665 | 4,470 | 12,526 | 25,029 | 41,170 | |||||||||||||||
| Amortized premiums, discounts and capitalized expenses related to indebtedness | (1,738 | ) | (3,403 | ) | (8,413 | ) | (11,231 | ) | (11,898 | ) | ||||||||||
| Fixed charges | $ | 84,262 | $ | 101,263 | $ | 149,439 | $ | 154,857 | $ | 139,044 | ||||||||||
Consolidated ratio of earnings to fixed charges | 1.74 | 1.82 | 1.66 | 1.81 | 1.95 | |||||||||||||||
Earnings: | ||||||||||||||||||||
| Pretax income from continuing operations before adjustment for income or loss from equity investees (1) | $ | 60,949 | $ | 84,389 | $ | 103,481 | $ | 139,852 | $ | 160,837 | ||||||||||
| Fixed charges | 84,262 | 101,263 | 149,439 | 154,857 | 139,044 | |||||||||||||||
| Capitalized interest | (665 | ) | (4,470 | ) | (12,526 | ) | (25,029 | ) | (41,170 | ) | ||||||||||
| Amortized premiums, discounts and capitalized expenses related to indebtedness | 1,738 | 3,403 | 8,413 | 11,231 | 11,898 | |||||||||||||||
| Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | 0 | (13 | ) | (238 | ) | (126 | ) | 342 | ||||||||||||
| Earnings | $ | 146,284 | $ | 184,572 | $ | 248,569 | $ | 280,785 | $ | 270,951 | ||||||||||
Fixed charges: | ||||||||||||||||||||
| Interest expense (1) | $ | 85,335 | $ | 100,196 | $ | 145,326 | $ | 141,059 | $ | 109,772 | ||||||||||
| Capitalized interest | 665 | 4,470 | 12,526 | 25,029 | 41,170 | |||||||||||||||
| Amortized premiums, discounts and capitalized expenses related to indebtedness | (1,738 | ) | (3,403 | ) | (8,413 | ) | (11,231 | ) | (11,898 | ) | ||||||||||
| Fixed charges | 84,262 | 101,263 | 149,439 | 154,857 | 139,044 | |||||||||||||||
| Preferred stock dividends | 21,594 | 21,463 | 25,130 | 23,201 | 22,079 | |||||||||||||||
| Combined fixed charges and preferred stock dividends | $ | 105,856 | $ | 122,726 | $ | 174,569 | $ | 178,058 | $ | 161,123 | ||||||||||
Consolidated ratio of earnings to combined fixed charges and preferred stock dividends | 1.38 | 1.50 | 1.42 | 1.58 | 1.68 | |||||||||||||||
| (1) | We have reclassified the income and expenses attributable to the properties sold prior to or held for sale at March 31, 2010 to discontinued operations. |
