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)
(Dollars in thousands)
TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED STOCK DIVIDENDS
(UNAUDITED)
(Dollars in thousands)
Nine Months | ||||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||||
Year Ended December 31 | September 30 | |||||||||||||||||||||||||||
2001 | 2002 | 2003 | 2004 | 2005 | 2005 | 2006 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Pretax income from continuing operations before extraordinary items (1) | $ | 48,597 | $ | 55,732 | $ | 69,661 | $ | 79,877 | $ | 77,303 | $ | 50,035 | $ | 76,002 | ||||||||||||||
Fixed charges | 34,644 | 44,644 | 59,833 | 76,824 | 85,999 | 64,090 | 76,292 | |||||||||||||||||||||
Capitalized interest | (841 | ) | (170 | ) | (1,535 | ) | (875 | ) | (665 | ) | (626 | ) | (2,494 | ) | ||||||||||||||
Equity (earnings) losses in less than 50% owned subsidiary | (332 | ) | (15 | ) | (270 | ) | ||||||||||||||||||||||
Earnings | $ | 82,068 | $ | 100,191 | $ | 127,689 | $ | 155,826 | $ | 162,637 | $ | 113,499 | $ | 149,800 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense (2) | $ | 32,028 | $ | 42,101 | $ | 55,377 | $ | 72,556 | $ | 82,624 | $ | 61,255 | $ | 71,599 | ||||||||||||||
Capitalized interest | 841 | 170 | 1,535 | 875 | 665 | 626 | 2,494 | |||||||||||||||||||||
Amortization of loan expenses | 1,775 | 2,373 | 2,921 | 3,393 | 2,710 | 2,209 | 2,199 | |||||||||||||||||||||
Fixed charges | $ | 34,644 | $ | 44,644 | $ | 59,833 | $ | 76,824 | $ | 85,999 | $ | 64,090 | $ | 76,292 | ||||||||||||||
Consolidated ratio of earnings to fixed charges | 2.37 | 2.24 | 2.13 | 2.03 | 1.89 | 1.77 | 1.96 | |||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Pretax income from continuing operations before extraordinary items (1) | $ | 48,597 | $ | 55,732 | $ | 69,661 | $ | 79,877 | $ | 77,303 | $ | 50,035 | $ | 76,002 | ||||||||||||||
Fixed charges | 34,644 | 44,644 | 59,833 | 76,824 | 85,999 | 64,090 | 76,292 | |||||||||||||||||||||
Capitalized interest | (841 | ) | (170 | ) | (1,535 | ) | (875 | ) | (665 | ) | (626 | ) | (2,494 | ) | ||||||||||||||
Equity (earnings) losses in less than 50% owned subsidiary | (332 | ) | (15 | ) | (270 | ) | ||||||||||||||||||||||
Earnings | $ | 82,068 | $ | 100,191 | $ | 127,689 | $ | 155,826 | $ | 162,637 | $ | 113,499 | $ | 149,800 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense (2) | $ | 32,028 | $ | 42,101 | $ | 55,377 | $ | 72,556 | $ | 82,624 | $ | 61,255 | $ | 71,599 | ||||||||||||||
Capitalized interest | 841 | 170 | 1,535 | 875 | 665 | 626 | 2,494 | |||||||||||||||||||||
Amortization of loan expenses | 1,775 | 2,373 | 2,921 | 3,393 | 2,710 | 2,209 | 2,199 | |||||||||||||||||||||
Fixed charges | 34,644 | 44,644 | 59,833 | 76,824 | 85,999 | 64,090 | 76,292 | |||||||||||||||||||||
Preferred stock dividends | 13,505 | 12,468 | 9,218 | 12,737 | 21,594 | 16,261 | 15,998 | |||||||||||||||||||||
Combined fixed charges and | ||||||||||||||||||||||||||||
preferred stock dividends | $ | 48,149 | $ | 57,112 | $ | 69,051 | $ | 89,561 | $ | 107,593 | $ | 80,351 | $ | 92,290 | ||||||||||||||
Consolidated ratio of earnings to combined fixed charges and preferred stock dividends | 1.70 | 1.75 | 1.85 | 1.74 | 1.51 | 1.41 | 1.62 | |||||||||||||||||||||
(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 and attributable to properties held for sale at September 30, 2006 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. |