Exhibit 12
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock
Dividends
(Dollars in thousands)
Three Months
ended September Nine Months ended
30, September 30,
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2000 1999 2000 1999
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Net income before extraordinary items........ $20,274 $20,042 $ 51,773 $ 80,416
Add:
Portion of rents representative of the
interest factor........................... 209 306 707 795
Interest on indebtedness................... 39,100 39,014 117,926 116,011
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Earnings................................... $59,583 $59,362 $170,406 $197,222
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Fixed charges and preferred stock dividend:
Interest on indebtedness................... $39,100 $39,014 $117,926 $116,011
Capitalized interest....................... 876 1,074 2,829 4,259
Portion of rents representative of the
interest factor........................... 209 306 707 795
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Fixed charges.............................. 40,185 40,394 121,462 121,065
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Add:
Preferred stock dividend................... 9,179 9,441 27,808 28,320
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Combined fixed charges and preferred
stock dividend.......................... $49,364 $49,835 $149,270 $149,385
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Ratio of earnings to fixed charges........... 1.48x 1.47x 1.40x 1.63x
Ratio of earnings to combined fixed charges
and preferred stock dividend................ 1.21 1.19 1.14 1.32