EXHIBIT 12
Statement re: Calculation of Ratios of Earnings to
Combined Fixed Charges and Preferred Stock Dividends
(in thousands, except ratios)
Year Ended December 31, 2010 | Year Ended December 31, 2009 | Year Ended December 31, 2008 | Year Ended December 31, 2007 | Year Ended December 31, 2006 | |||||||||||||||
Net income (loss) from continuing operations, less preferred dividends | $ | (40,895 | ) | $ | (330,576 | ) | $ | 13,506 | $ | 101,302 | $ | 99,536 | |||||||
Preferred dividends | 69,468 | 73,451 | 71,426 | 58,292 | 56,419 | ||||||||||||||
Interest expense | 237,848 | 204,573 | 181,637 | 157,811 | 154,850 | ||||||||||||||
Earnings (loss) before fixed charges | $ | 266,421 | $ | (52,552 | ) | $ | 266,569 | $ | 317,405 | $ | 310,805 | ||||||||
Interest expense | $ | 237,848 | $ | 204,573 | $ | 181,637 | $ | 157,811 | $ | 154,850 | |||||||||
Interest costs capitalized | 11,498 | 26,864 | 53,456 | 59,167 | 36,260 | ||||||||||||||
Total fixed charges | 249,346 | 231,437 | 235,093 | 216,978 | 191,110 | ||||||||||||||
Preferred dividends | 69,468 | 73,451 | 71,426 | 58,292 | 56,419 | ||||||||||||||
Total fixed charges and preferred dividends | $ | 318,814 | $ | 304,888 | $ | 306,519 | $ | 275,270 | $ | 247,529 | |||||||||
Ratio of earnings to fixed charges | 1.07 | N/A | (2) | 1.13 | 1.46 | 1.63 | |||||||||||||
Ratio of earnings to fixed charges and preferred dividends | N/A | (1) | N/A | (3) | N/A | (4) | 1.15 | 1.26 |
(1) N/A – the ratio is less than 1.0; deficit of $52.4 million exists for the year ended December 31, 2010. The calculation of earnings includes $346.8 million of non-cash depreciation expense.
(2) N/A – the ratio is less than 1.0; deficit of $284.0 million exists for the year ended December 31, 2009. The calculation of earnings includes $321.0 million of non-cash depreciation expense.
(3) N/A – the ratio is less than 1.0; deficit of $357.4 million exists for the year ended December 31, 2009. The calculation of earnings includes $321.0 million of non-cash depreciation expense.
(4) N/A – the ratio is less than 1.0; deficit of $40.0 million exists for the year ended December 31, 2008. The calculation of earnings includes $289.7 million of non-cash depreciation expense.