EXHIBIT 12 Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends (Dollars in thousands) Three months ended Six months ended June 30, June 30, --------------------- ------------------- 2002 2001 2002 2001 ------- ------- ------- ------- Income before discontinued operations and extraordinary items $14,405 $30,479 $26,844 $ 34,162 Add: Portion of rents representative of the interest factor 169 197 362 396 Minority interests 754 1,630 1,570 2,240 Loss on equity investment in joint venture - (199) - (418) Interest on indebtedness 32,445 34,474 63,946 70,332 ------- ------- ------- -------- Earnings $47,773 $66,581 $92,722 $106,712 ======= ======= ======= ======== Fixed charges and preferred stock dividend: Interest on indebtedness $32,445 $34,474 $63,946 $70,332 Capitalized interest 93 911 730 1,679 Portion of rents representative of the interest factor 169 197 362 396 ------- ------- ------- -------- Fixed charges 32,707 35,582 65,038 72,407 ------- ------- ------- -------- Add: Preferred stock dividend 6,875 8,590 13,751 17,653 ------- ------- ------- -------- Combined fixed charges and preferred stock dividend $39,582 $44,172 $78,789 $ 90,060 ======= ======= ======= ======== Ratio of earnings to fixed charges 1.46x 1.87x 1.43x 1.47 Ratio of earnings to combined fixed charges and preferred stock dividend 1.21x 1.51x 1.18x 1.18