EXHIBIT 12 Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends (dollars in thousands) Years ended December 31, 1995 1996 1997 1998 1999 ---------- ---------- ---------- ---------- ----------- Net income before extraordinary item $ 33,127 $ 38,014 $ 70,199 $ 72,470 $ 92,695 Add: Portion of rents representative of the interest factor 201 257 412 569 928 Interest on indebtedness 40,646 50,843 79,004 106,238 153,748 ---------- ---------- ---------- ---------- ----------- Earnings $ 73,974 $ 89,114 $ 149,615 $ 179,277 $ 247,371 ========== ========== ========== ========== =========== Fixed charges and preferred stock dividend: Interest on indebtedness $ 40,646 $ 50,843 $ 79,004 $ 106,238 $ 153,748 Capitalized interest 40 541 2,634 3,360 5,153 Portion of rents representative of the interest factor 201 257 412 569 928 ---------- ---------- ---------- ---------- ----------- Fixed charges 40,887 51,641 82,050 110,167 159,829 ---------- ---------- ---------- ---------- ----------- Add: Preferred stock dividend 6,637 9,713 17,345 23,593 37,714 ---------- ---------- ---------- ---------- ----------- Combined fixed charges and preferred stock dividend $ 47,524 $ 61,354 $ 99,395 $ 133,760 $ 197,543 ========== ========== ========== ========== =========== Ratio of earnings to fixed charges 1.81 x 1.73 x 1.82 x 1.63 x 1.55 x Ratio of earnings to combined fixed charges and preferred stock dividend 1.56 1.45 1.51 1.34 1.25