EXHIBIT 12 COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (DOLLARS IN THOUSANDS) Three Months ended March 31, ----------------------------------------- 1999 1998 ------------------ ------------------- Net income before minority interests and extraordinary items $21,132 $17,318 Add: Portion of rents representative of the interest factor 259 113 Interest on indebtedness 38,079 22,825 ------------------ ------------------- Earnings $59,470 $40,256 ================== =================== Fixed charges and preferred stock dividend: Interest on indebtedness $38,079 $22,825 Capitalized interest 1,667 536 Portion of rents representative of the interest factor 259 113 ------------------ ------------------- Fixed charges 40,005 23,474 ------------------ ------------------- Add: Preferred stock dividend 9,439 5,650 ------------------ ------------------- Combined fixed charges and preferred stock dividend $49,444 $29,124 ================== =================== Ratio of earnings to fixed charges 1.49 x 1.71 x Ratio of earnings to combined fixed charges and preferred stock dividend 1.20 1.38