EXHIBIT 12.2
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
The following table sets forth the ratio of earnings to fixed charges and preferred stock dividends for the periods indicated:
Three Months Ended September 30, |
| Nine Months Ended September 30, | ||||
2006 |
| 2005 |
| 2006 |
| 2005 |
1.6 |
| 5.0 |
| 1.7 |
| 3.1 |
For purposes of computing these ratios, earnings have been calculated by adding fixed charges (excluding preferred stock dividends and capitalized interest) to pretax income from continuing operations before adjustment for minority interest in income of consolidated partnership or equity in income of unconsolidated ventures plus distributions from equity investee. Fixed charges consist of interest costs, whether expensed or capitalized, preferred stock dividend requirements, the interest component of rental expense, if any, and amortization of debt discounts and issue costs, whether expensed or capitalized.
CALCULATION OF COMBINED RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDEND REQUIREMENTS
(DOLLAR AMOUNTS IN THOUSANDS)
|
| Three Months Ended |
| Nine Months Ended |
| ||||||||
|
| 2006 |
| 2005 |
| 2006 |
| 2005 |
| ||||
EARNINGS: |
|
|
|
|
|
|
|
|
| ||||
Pretax income from continuing operations before adjustment for minority interests in income of consolidated partnership or equity in income of unconsolidated ventures |
| $ | 27,949 |
| $ | 194,367 |
| $ | 86,948 |
| $ | 258,950 |
|
Interest expense (including amortization of debt discount and issuing costs) |
| 23,480 |
| 39,554 |
| 69,155 |
| 95,063 |
| ||||
Distributions from equity investee |
| 702 |
| 755 |
| 3,577 |
| 2,436 |
| ||||
Interest component of rental expense |
| 236 |
| 319 |
| 624 |
| 844 |
| ||||
Total |
| $ | 52,367 |
| $ | 234,995 |
| $ | 160,304 |
| $ | 357,293 |
|
|
|
|
|
|
|
|
|
|
| ||||
FIXED CHARGES: |
|
|
|
|
|
|
|
|
| ||||
Interest expense (including amortization of debt discount and issuing costs) |
| $ | 23,480 |
| $ | 39,554 |
| $ | 69,155 |
| $ | 95,063 |
|
Capitalized interest |
| 3,161 |
| 1,762 |
| 9,233 |
| 5,174 |
| ||||
Interest component of rental expense |
| 236 |
| 319 |
| 624 |
| 844 |
| ||||
Total |
| $ | 26,877 |
| $ | 41,635 |
| $ | 79,012 |
| $ | 101,081 |
|
|
|
|
|
|
|
|
|
|
| ||||
PREFERRED STOCK DIVIDEND REQUIREMENTS |
| $ | 5,275 |
| $ | 5,275 |
| $ | 15,825 |
| $ | 15,825 |
|
|
|
|
|
|
|
|
|
|
| ||||
TOTAL FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS |
| $ | 32,152 |
| $ | 46,910 |
| $ | 94,837 |
| $ | 116,906 |
|
|
|
|
|
|
|
|
|
|
| ||||
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS |
| 1.6 |
| 5.0 |
| 1.7 |
| 3.1 |
| ||||