EXHIBIT 12 COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Dollars in thousands) <Table> <Caption> THREE MONTHS ENDED MARCH 31, ----------------------------- 2004 2003 ------------ ------------ Income before discontinued operations, net of minority interests $ 13,220 $ 10,193 Add: Portion of rents representative of the interest factor 155 161 Minority interests 524 626 Interest on indebtedness from continuing operations 28,905 31,330 ------------ ------------ Earnings $ 42,804 $ 42,310 ============ ============ Fixed charges and preferred stock dividend: Interest on indebtedness from continuing operations $ 28,905 $ 31,330 Capitalized interest 272 154 Portion of rents representative of the interest factor 155 161 ------------ ------------ Fixed charges 29,332 31,645 ------------ ------------ Add: Preferred stock dividend 5,085 6,947 Accretion of preferred stock 1,562 -- ------------ ------------ Preferred stock dividend 6,647 6,947 ------------ ------------ Combined fixed charges and preferred stock dividend $ 35,979 $ 38,592 ============ ============ Ratio of earnings to fixed charges 1.46 x 1.34 x Ratio of earnings to combined fixed charges and preferred stock dividend 1.19 x 1.10 x </Table>