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 | ||||||||||||||||||||
2000 | 2001 | 2002 | 2003 | 2004 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before extraordinary items(1) | $ | 58,518 | $ | 53,785 | $ | 61,485 | $ | 74,513 | $ | 84,873 | ||||||||||
Fixed charges | 38,866 | 34,644 | 44,644 | 59,833 | 76,824 | |||||||||||||||
Capitalized interest | (3,079 | ) | (841 | ) | (170 | ) | (1,535 | ) | (875 | ) | ||||||||||
Equity (earnings) losses in less than 50% owned subsidiary | (318 | ) | (332 | ) | (15 | ) | (270 | ) | 0 | |||||||||||
Earnings | $ | 93,987 | $ | 87,256 | $ | 105,944 | $ | 132,541 | $ | 160,822 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense(2) | $ | 34,622 | $ | 32,028 | $ | 42,101 | $ | 55,377 | $ | 72,556 | ||||||||||
Capitalized interest | 3,079 | 841 | 170 | 1,535 | 875 | |||||||||||||||
Amortization of loan expenses | 1,165 | 1,775 | 2,373 | 2,921 | 3,393 | |||||||||||||||
Fixed charges | $ | 38,866 | $ | 34,644 | $ | 44,644 | $ | 59,833 | $ | 76,824 | ||||||||||
Consolidated ratio of earnings to fixed charges | 2.42 | 2.52 | 2.37 | 2.22 | 2.09 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before extraordinary items(1) | $ | 58,518 | $ | 53,785 | $ | 61,485 | $ | 74,513 | $ | 84,873 | ||||||||||
Fixed charges | 38,866 | 34,644 | 44,644 | 59,833 | 76,824 | |||||||||||||||
Capitalized interest | (3,079 | ) | (841 | ) | (170 | ) | (1,535 | ) | (875 | ) | ||||||||||
Equity (earnings) losses in less than 50% owned subsidiary | (318 | ) | (332 | ) | (15 | ) | (270 | ) | 0 | |||||||||||
Earnings | $ | 93,987 | $ | 87,256 | $ | 105,944 | $ | 132,541 | $ | 160,822 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense(2) | $ | 34,622 | $ | 32,028 | $ | 42,101 | $ | 55,377 | $ | 72,556 | ||||||||||
Capitalized interest | 3,079 | 841 | 170 | 1,535 | 875 | |||||||||||||||
Amortization of loan expenses | 1,165 | 1,775 | 2,373 | 2,921 | 3,393 | |||||||||||||||
Fixed charges | 38,866 | 34,644 | 44,644 | 59,833 | 76,824 | |||||||||||||||
Preferred stock dividends | 13,490 | 13,505 | 12,468 | 9,218 | 12,737 | |||||||||||||||
Combined fixed charges and preferred stock dividends | $ | 52,356 | $ | 48,149 | $ | 57,112 | $ | 69,051 | $ | 89,561 | ||||||||||
Consolidated ratio of earnings to combined fixed charges and preferred stock dividends | 1.80 | 1.81 | 1.86 | 1.92 | 1.80 | |||||||||||||||