EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(DOLLARS IN THOUSANDS)
Three Months ended September 30, Nine Months ended September 30,
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1999 1998 1999 1998
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Income before extraordinary item $20,042 $13,807 $80,416 $66,071
Add:
Portion of rents representative
of the interest factor 306 155 795 401
Interest on indebtedness 39,014 27,224 116,011 75,784
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Earnings $59,362 $41,186 $197,222 $142,256
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Fixed charges and preferred stock dividend:
Interest on indebtedness $39,014 $27,224 $116,011 $75,784
Capitalized interest 1,074 910 4,259 2,223
Portion of rents representative
of the interest factor 306 155 795 401
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Fixed charges 40,394 28,289 121,065 78,408
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Add:
Preferred stock dividend 9,441 5,650 28,320 16,953
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Combined fixed charges and preferred
stock dividend $49,835 $33,939 $149,385 $95,361
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Ratio of earnings to fixed charges 1.47 x 1.46 x 1.63 x 1.81 x
Ratio of earnings to combined fixed charges
and preferred stock dividend 1.19 1.21 1.32 1.49