EXHIBIT 12
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock
Dividends (Dollars in thousands)
Three Months ended June 30, Six Months ended June 30,
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2001 2000 2001 2000
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Net income before extraordinary items $32,617 $12,691 $ 38,536 $ 31,499
Add:
Portion of rents representative
of the interest factor 197 218 396 462
Minority interests 1,760 854 2,520 1,699
Loss on equity investment in joint venture (199) - (418) -
Interest on indebtedness 35,834 39,752 73,055 78,826
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Earnings $70,209 $53,515 $114,089 $112,486
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Fixed charges and preferred stock dividend:
Interest on indebtedness 35,834 39,752 73,055 78,826
Capitalized interest 911 990 1,679 1,954
Portion of rents representative
of the interest factor 197 218 396 462
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Fixed charges 36,942 40,960 75,130 81,242
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Add:
Preferred stock dividend 8,590 9,221 17,653 18,629
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Combined fixed charges and preferred stock dividend $45,532 $50,181 $ 92,783 $ 99,871
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Ratio of earnings to fixed charges 1.90 x 1.31 x 1.52 x 1.38 x
Ratio of earnings to combined fixed charges
and preferred stock dividend 1.54 1.07 1.23 1.13