EXHIBIT 12 Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends (Dollars in thousands) Years ended December 31, 1996 1997 1998 1999 2000 ----------- ------------ ----------- ---------- ---------- Net income before extraordinary item $38,014 $ 70,199 $ 72,470 $ 92,695 $ 75,784 Add: Portion of rents representative of the interest factor 257 412 569 928 866 Minority interests 58 278 1,541 5,679 4,386 Interest on indebtedness 50,843 79,004 106,238 153,748 156,040 --------- ---------- ----------- ---------- ---------- Earnings $89,172 $ 149,893 $ 180,818 $ 253,050 $ 237,076 ========= ========== =========== ========== ========== Fixed charges and preferred stock dividend: Interest on indebtedness $50,843 $ 79,004 $ 106,238 $ 153,748 $ 156,040 Capitalized interest 541 2,634 3,360 5,153 3,650 Equity pick up from joint venture - - - - 3,098 Portion of rents representative of the interest factor 257 412 569 928 866 --------- ---------- ----------- ---------- ---------- Fixed charges 51,641 82,050 110,167 159,829 163,654 --------- ---------- ----------- ---------- ---------- Add: Preferred stock dividend 9,713 17,345 23,593 37,714 36,891 --------- ---------- ----------- ---------- ---------- Combined fixed charges and preferred stock dividend $61,354 $ 99,395 $ 133,760 $ 197,543 $ 200,545 ========= ========== =========== ========== ========== Ratio of earnings to fixed charges 1.73 x 1.83 x 1.64 x 1.58 x 1.45 x Ratio of earnings to combined fixed charges and preferred stock dividend 1.45 1.51 1.35 1.28 1.18