EXHIBIT 12
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK
DIVIDENDS (UNAUDITED)
Year Ended December 31, | ||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Pretax income from continuing operations before adjustment for income or loss from equity investees(1) | $ | 76,980 | $ | 95,384 | $ | 129,893 | $ | 149,292 | $ | 78,043 | ||||||||||
Fixed charges | 101,263 | 149,439 | 154,857 | 139,044 | 167,807 | |||||||||||||||
Capitalized interest | (4,470 | ) | (12,526 | ) | (25,029 | ) | (41,170 | ) | (20,792 | ) | ||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 3,403 | 8,413 | 11,231 | 11,898 | 13,945 | |||||||||||||||
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | (13 | ) | (238 | ) | (126 | ) | 342 | (357 | ) | |||||||||||
Earnings | 177,163 | 240,472 | 270,826 | 259,406 | 238,646 | |||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense(1) | $ | 100,196 | $ | 145,326 | $ | 141,059 | $ | 109,772 | $ | 160,960 | ||||||||||
Capitalized interest | 4,470 | 12,526 | 25,029 | 41,170 | 20,792 | |||||||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | (3,403 | ) | (8,413 | ) | (11,231 | ) | (11,898 | ) | (13,945 | ) | ||||||||||
Fixed charges | $ | 101,263 | $ | 149,439 | $ | 154,857 | $ | 139,044 | $ | 167,807 | ||||||||||
Consolidated ratio of earnings to fixed charges | 1.75 | 1.61 | 1.75 | 1.87 | 1.42 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Pretax income from continuing operations before adjustment for income or loss from equity investees(1) | $ | 76,980 | $ | 95,384 | $ | 129,893 | $ | 149,292 | $ | 78,043 | ||||||||||
Fixed charges | 101,263 | 149,439 | 154,857 | 139,044 | 167,807 | |||||||||||||||
Capitalized interest | (4,470 | ) | (12,526 | ) | (25,029 | ) | (41,170 | ) | (20,792 | ) | ||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 3,403 | 8,413 | 11,231 | 11,898 | 13,945 | |||||||||||||||
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | (13 | ) | (238 | ) | (126 | ) | 342 | (357 | ) | |||||||||||
Earnings | $ | 177,163 | $ | 240,472 | $ | 270,826 | $ | 259,406 | $ | 238,646 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense(1) | $ | 100,196 | $ | 145,326 | $ | 141,059 | $ | 109,772 | $ | 160,960 | ||||||||||
Capitalized interest | 4,470 | 12,526 | 25,029 | 41,170 | 20,792 | |||||||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | (3,403 | ) | (8,413 | ) | (11,231 | ) | (11,898 | ) | (13,945 | ) | ||||||||||
Fixed charges | 101,263 | 149,439 | 154,857 | 139,044 | 167,807 | |||||||||||||||
Preferred stock dividends | 21,463 | 25,130 | 23,201 | 22,079 | 21,645 | |||||||||||||||
Combined fixed charges and preferred stock dividends | $ | 122,726 | $ | 174,569 | $ | 178,058 | $ | 161,123 | $ | 189,452 | ||||||||||
Consolidated ratio of earnings to combined fixed charges and preferred stock dividends | 1.44 | 1.38 | 1.52 | 1.61 | 1.26 |
(1) | We have reclassified the income and expenses attributable to the properties sold prior to or held for sale at December 31, 2010 to discontinued operations. |