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Exhibit 12.2
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in Thousands)
Year Ended December 31,
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1999 2000 2001 2002 2003
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Pretax income from continuing operations $ 84,945 $ 99,085 $ 89,606 $ 100,425 $ 241,155
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Fixed charges:
Interest expense including amortization of deferred costs and
capitalized interest $ 80,131 $ 93,948 $ 93,285 $ 85,393 $ 101,156
Ground Rent 33% $ 176 $ 244 $ 234 $ 252 $ 398
Preferred Dividends on consolidated subsidiaries $ 5,157 $ 15,301 $ 19,081 $ 18,338 $ 2,236
Proportionate share of fixed charges of 50 % owned joint ventures
accounted for using equity method of accounting $ -- $ -- $ -- $ -- $ --
--------- --------- --------- --------- ---------
Total fixed charges $ 85,464 $ 109,493 $ 112,600 $ 103,983 $ 103,790
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Capitalized interest during the period ($ 13,400) ($ 18,200) ($ 12,927) ($ 9,157) ($ 11,478)
Preferred Dividends on consolidated subsidiaries ($ 5,157) ($ 15,301) ($ 19,081) ($ 18,338) ($ 2,236)
Amortization of capitalized interest during the period $ 1,272 $ 1,879 $ 2,310 $ 2,616 $ 2,999
Majority-owned subsidiary adjustments $ 11,809 $ 19,593 $ 21,502 $ 21,570 $ 5,365
Equity Company Adjustments ($ 24,713) ($ 23,296) ($ 18,560) ($ 32,769) ($ 52,917)
Equity Company Adjustments Distributed Income $ 24,713 $ 23,296 $ 18,560 $ 32,769 $ 52,917
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Earnings before income taxes and fixed charges $ 164,933 $ 196,549 $ 194,010 $ 201,099 $ 339,595
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Ratio of earnings to fixed charges 1.93 1.80 1.72 1.93 3.27
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