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, | |||||||||||||
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| 2007 |
| 2008 |
| 2009 |
| 2010 |
| 2011 | |||||
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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) |
| $ | 94,232 |
| $ | 127,505 |
| $ | 145,180 |
| $ | 74,604 |
| $ | 156,429 |
Fixed charges |
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| 104,309 |
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| 159,124 |
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| 170,331 |
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| 116,619 |
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| 317,654 |
Capitalized interest |
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| (12,526) |
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| (25,029) |
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| (41,170) |
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| (20,792) |
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| (13,164) |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
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| 8,413 |
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| 11,231 |
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| 11,898 |
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| 13,945 |
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| 13,905 |
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
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| (238) |
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| (126) |
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| 342 |
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| (357) |
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| 4,894 |
Earnings |
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| 194,190 |
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| 272,705 |
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| 286,581 |
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| 184,019 |
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| 479,718 |
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Fixed charges: |
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Interest expense(1) |
| $ | 100,196 |
| $ | 145,326 |
| $ | 141,059 |
| $ | 109,772 |
| $ | 318,395 |
Capitalized interest |
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| 12,526 |
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| 25,029 |
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| 41,170 |
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| 20,792 |
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| 13,164 |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
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| (8,413) |
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| (11,231) |
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| (11,898) |
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| (13,945) |
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| (13,905) |
Fixed charges |
| $ | 104,309 |
| $ | 159,124 |
| $ | 170,331 |
| $ | 116,619 |
| $ | 317,654 |
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Consolidated ratio of earnings to fixed charges |
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| 1.86 |
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| 1.71 |
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| 1.68 |
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| 1.58 |
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| 1.51 |
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Earnings: |
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Pretax income from continuing operations before adjustment for income or loss from equity investees(1) |
| $ | 94,232 |
| $ | 127,505 |
| $ | 145,180 |
| $ | 74,604 |
| $ | 156,429 |
Fixed charges |
|
| 104,309 |
|
| 159,124 |
|
| 170,331 |
|
| 116,619 |
|
| 317,654 |
Capitalized interest |
|
| (12,526) |
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| (25,029) |
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| (41,170) |
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| (20,792) |
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| (13,164) |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
|
| 8,413 |
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| 11,231 |
|
| 11,898 |
|
| 13,945 |
|
| 13,905 |
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
|
| (238) |
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| (126) |
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| 342 |
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| (357) |
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| 4,894 |
Earnings |
| $ | 194,190 |
| $ | 272,705 |
| $ | 286,581 |
| $ | 184,019 |
| $ | 479,718 |
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Fixed charges: |
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Interest expense(1) |
| $ | 100,196 |
| $ | 145,326 |
| $ | 141,059 |
| $ | 109,772 |
| $ | 318,395 |
Capitalized interest |
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| 12,526 |
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| 25,029 |
|
| 41,170 |
|
| 20,792 |
|
| 13,164 |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
|
| (8,413) |
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| (11,231) |
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| (11,898) |
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| (13,945) |
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| (13,905) |
Fixed charges |
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| 104,309 |
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| 159,124 |
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| 170,331 |
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| 116,619 |
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| 317,654 |
Preferred stock dividends |
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| 25,130 |
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| 23,201 |
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| 22,079 |
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| 21,645 |
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| 60,502 |
Combined fixed charges and preferred stock dividends |
| $ | 129,439 |
| $ | 182,325 |
| $ | 192,410 |
| $ | 138,264 |
| $ | 378,156 |
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Consolidated ratio of earnings to combined fixed charges and preferred stock dividends |
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| 1.50 |
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| 1.50 |
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| 1.49 |
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| 1.33 |
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| 1.27 |
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(1) We have reclassified the income and expenses attributable to the properties sold prior to or held for sale at December 31, 2011 to discontinued operations. |