Exhibit 12
Statement re: Calculation of Ratios of Earnings to
Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
|
| Nine Months |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||||
Net income from continuing operations less preferred dividends |
| $ | 51,679 |
| $ | 93,422 |
| $ | 107,121 |
| $ | 111,246 |
| $ | 117,570 |
| $ | 176,261 |
|
Preferred dividends |
| 41,193 |
| 46,479 |
| 33,777 |
| 37,321 |
| 45,053 |
| 52,442 |
| ||||||
Minority interest in earnings of common unitholders |
| 5,314 |
| 9,392 |
| 11,232 |
| 12,061 |
| 12,594 |
| 24,523 |
| ||||||
Interest expense |
| 133,288 |
| 116,716 |
| 107,158 |
| 98,325 |
| 85,697 |
| 81,767 |
| ||||||
Earnings before fixed charges |
| $ | 231,474 |
| $ | 266,009 |
| $ | 259,288 |
| $ | 258,953 |
| $ | 260,914 |
| $ | 334,993 |
|
Interest expense |
| $ | 133,288 |
| $ | 116,716 |
| $ | 107,158 |
| $ | 98,325 |
| $ | 85,697 |
| $ | 81,767 |
|
Interest costs capitalized |
| 24,567 |
| 9,510 |
| 5,961 |
| 6,734 |
| 13,529 |
| 25,859 |
| ||||||
Total fixed charges |
| $ | 157,855 |
| $ | 126,226 |
| $ | 113,119 |
| $ | 105,059 |
| $ | 99,226 |
| $ | 107,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Preferred dividends |
| $ | 41,193 |
| $ | 46,479 |
| $ | 33,777 |
| $ | 37,321 |
| $ | 45,053 |
| $ | 52,442 |
|
Total fixed charges and preferred dividends |
| $ | 199,048 |
| $ | 172,705 |
| $ | 146,896 |
| $ | 142,380 |
| $ | 144,279 |
| $ | 160,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Ratio of Earnings to Fixed Charges |
| 1.47 |
| 2.11 |
| 2.29 |
| 2.46 |
| 2.63 |
| 3.11 |
| ||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends |
| 1.16 |
| 1.54 |
| 1.77 |
| 1.82 |
| 1.81 |
| 2.09 |
|