EXHIBIT 12.1
STATEMENT REGARDING COMPUTATION
OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
Nine Months | ||||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||||
Year Ended December 31 | September 30 | |||||||||||||||||||||||||||
2000 | 2001 | 2002 | 2003 | 2004 | 2004 | 2005 | ||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income from continuing operations before extraordinary items (1) | $ | 58,542 | $ | 52,807 | $ | 59,452 | $ | 72,365 | $ | 83,189 | $ | 60,862 | $ | 52,141 | ||||||||||||||
Fixed charges | 38,866 | 34,644 | 44,644 | 59,833 | 76,824 | 56,971 | 64,090 | |||||||||||||||||||||
Capitalized interest | (3,079 | ) | (841 | ) | (170 | ) | (1,535 | ) | (875 | ) | (590 | ) | (626 | ) | ||||||||||||||
Equity (earnings) losses in less than 50% owned subsidiary | (318 | ) | (332 | ) | (15 | ) | (270 | ) | 0 | 0 | 0 | |||||||||||||||||
Earnings | $ | 94,011 | $ | 86,278 | $ | 103,911 | $ | 130,393 | $ | 159,138 | $ | 117,243 | $ | 115,605 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense (2) | $ | 34,622 | $ | 32,028 | $ | 42,101 | $ | 55,377 | $ | 72,556 | $ | 53,813 | $ | 61,255 | ||||||||||||||
Capitalized interest | 3,079 | 841 | 170 | 1,535 | 875 | 590 | 626 | |||||||||||||||||||||
Amortization of loan expenses | 1,165 | 1,775 | 2,373 | 2,921 | 3,393 | 2,568 | 2,209 | |||||||||||||||||||||
Fixed charges | $ | 38,866 | $ | 34,644 | $ | 44,644 | $ | 59,833 | $ | 76,824 | $ | 56,971 | $ | 64,090 | ||||||||||||||
Consolidated ratio of earnings to fixed charges | 2.42 | 2.49 | 2.33 | 2.18 | 2.07 | 2.06 | 1.80 | |||||||||||||||||||||
(1) In accordance with FASB Statement No. 144, we have reclassified the income and expenses attributable to the properties sold subsequent to January 1, 2002 to discontinued operations.
(2) For purposes of this statement, interest expense consists of interest on all indebtedness including amounts allocated to discontinued operations, in accordance with FASB Statement No. 144.