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)
TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED STOCK DIVIDENDS
(UNAUDITED)
Three Months | ||||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||||
Year Ended December 31, | March 31, | |||||||||||||||||||||||||||
2004 | 2005 | 2006 | 2007 | 2008 | 2008 | 2009 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Pretax income from continuing operations before adjustment for income or loss from equity investees (1) | $ | 66,531 | $ | 63,627 | $ | 89,225 | $ | 110,962 | $ | 145,413 | $ | 33,471 | $ | 48,580 | ||||||||||||||
Fixed charges | 75,201 | 84,262 | 101,263 | 149,439 | 154,857 | 39,697 | 35,104 | |||||||||||||||||||||
Capitalized interest | (875 | ) | (665 | ) | (4,470 | ) | (12,526 | ) | (25,029 | ) | (5,167 | ) | (9,865 | ) | ||||||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 1,623 | 1,738 | 3,403 | 8,413 | 11,231 | 2,790 | 2,772 | |||||||||||||||||||||
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | 0 | 0 | (13 | ) | (238 | ) | (126 | ) | (62 | ) | (2 | ) | ||||||||||||||||
Earnings | $ | 142,480 | $ | 148,962 | $ | 189,408 | $ | 256,050 | $ | 286,346 | $ | 70,729 | $ | 76,589 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense (2) | $ | 75,949 | $ | 85,335 | $ | 100,196 | $ | 145,326 | $ | 141,059 | $ | 37,320 | $ | 28,011 | ||||||||||||||
Capitalized interest | 875 | 665 | 4,470 | 12,526 | 25,029 | 5,167 | 9,865 | |||||||||||||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | (1,623 | ) | (1,738 | ) | (3,403 | ) | (8,413 | ) | (11,231 | ) | (2,790 | ) | (2,772 | ) | ||||||||||||||
Fixed charges | $ | 75,201 | $ | 84,262 | $ | 101,263 | $ | 149,439 | $ | 154,857 | $ | 39,697 | $ | 35,104 | ||||||||||||||
Consolidated ratio of earnings to fixed charges | 1.89 | 1.77 | 1.87 | 1.71 | 1.85 | 1.78 | 2.18 | |||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Pretax income from continuing operations before adjustment for income or loss from equity investees (1) | $ | 66,531 | $ | 63,627 | $ | 89,225 | $ | 110,962 | $ | 145,413 | $ | 33,471 | $ | 48,580 | ||||||||||||||
Fixed charges | 75,201 | 84,262 | 101,263 | 149,439 | 154,857 | 39,697 | 35,104 | |||||||||||||||||||||
Capitalized interest | (875 | ) | (665 | ) | (4,470 | ) | (12,526 | ) | (25,029 | ) | (5,167 | ) | (9,865 | ) | ||||||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 1,623 | 1,738 | 3,403 | 8,413 | 11,231 | 2,790 | 2,772 | |||||||||||||||||||||
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | 0 | 0 | (13 | ) | (238 | ) | (126 | ) | (62 | ) | (2 | ) | ||||||||||||||||
Earnings | $ | 142,480 | $ | 148,962 | $ | 189,408 | $ | 256,050 | $ | 286,346 | $ | 70,729 | $ | 76,589 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense (2) | $ | 75,949 | $ | 85,335 | $ | 100,196 | $ | 145,326 | $ | 141,059 | $ | 37,320 | $ | 28,011 | ||||||||||||||
Capitalized interest | 875 | 665 | 4,470 | 12,526 | 25,029 | 5,167 | 9,865 | |||||||||||||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | (1,623 | ) | (1,738 | ) | (3,403 | ) | (8,413 | ) | (11,231 | ) | (2,790 | ) | (2,772 | ) | ||||||||||||||
Fixed charges | 75,201 | 84,262 | 101,263 | 149,439 | 154,857 | 39,697 | 35,104 | |||||||||||||||||||||
Preferred stock dividends | 12,737 | 21,594 | 21,463 | 25,130 | 23,201 | 6,147 | 5,524 | |||||||||||||||||||||
Combined fixed charges and preferred stock dividends | $ | 87,938 | $ | 105,856 | $ | 122,726 | $ | 174,569 | $ | 178,058 | $ | 45,844 | $ | 40,628 | ||||||||||||||
Consolidated ratio of earnings to combined fixed charges and preferred stock dividends | 1.62 | 1.41 | 1.54 | 1.47 | 1.61 | 1.54 | 1.89 |
(1) | In accordance with FASB Statement No. 144, we have reclassified the income and expenses attributable to the properties sold prior to or held for sale at March 31, 2009 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. It also reflects additional interest expense as a result of retroactively adopting FSP 14-1 on January 1, 2009. |