Exhibit 12
Statement re: Calculation of Ratios of Earnings to
Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
Nine Months Ended September 30, 2008 | Year Ended December 31, 2007 | Year Ended December 31, 2006 | Year Ended December 31, 2005 | Year Ended December 31, 2004 | Year Ended December 31, 2003 | |||||||||||||
Income from continuing operations, less preferred dividends | $ | 21,894 | $ | 103,481 | $ | 94,894 | $ | 88,220 | $ | 97,981 | $ | 101,105 | ||||||
Preferred dividends | 53,038 | 58,292 | 56,419 | 46,479 | 33,777 | 37,321 | ||||||||||||
Minority interest in earnings of common unitholders | 1,640 | 6,778 | 9,539 | 8,893 | 10,334 | 10,962 | ||||||||||||
Interest expense | 143,657 | 172,616 | 173,255 | 108,518 | 100,058 | 91,596 | ||||||||||||
Earnings before fixed charges | $ | 220,229 | $ | 341,167 | $ | 334,107 | $ | 252,110 | $ | 242,150 | $ | 240,984 | ||||||
Interest expense | $ | 143,657 | $ | 172,616 | $ | 173,255 | $ | 108,518 | $ | 100,058 | $ | 91,596 | ||||||
Interest costs capitalized | 42,549 | 59,167 | 36,260 | 9,510 | 5,961 | 6,734 | ||||||||||||
Total fixed charges | 186,206 | 231,783 | 209,515 | 118,028 | 106,019 | 98,330 | ||||||||||||
Preferred dividends | 53,038 | 58,292 | 56,419 | 46,479 | 33,777 | 37,321 | ||||||||||||
Total fixed charges and preferred dividends | $ | 239,244 | $ | 290,075 | $ | 265,934 | $ | 164,507 | $ | 139,796 | $ | 135,651 | ||||||
Ratio of earnings to fixed charges | 1.18 | 1.47 | 1.59 | 2.14 | 2.28 | 2.45 | ||||||||||||
Ratio of earnings to combined fixed charges and preferred dividends | N/A | 1.18 | 1.26 | 1.53 | 1.73 | 1.78 | ||||||||||||
N/A—The ratio is less than 1.0; deficit of $19,015 exists for the nine months ended September 30, 2008.