EXHIBIT 12.1
STATEMENT REGARDING COMPUTATION
OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(UNAUDITED)
Six Months
Ended
Year Ended December 31 June 30
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1999 2000 2001 2002 2003 2003 2004
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(dollars in thousands)
EARNINGS:
Income from continuing operations
before extraordinary items (1) $ 69,292 $ 58,760 $ 54,016 $ 61,718 $ 74,632 $ 36,039 $ 40,618
Fixed charges 36,403 38,866 34,644 44,644 59,833 26,991 38,017
Capitalized interest (8,578) (3,079) (841) (170) (1,535) (638) (336)
Equity (earnings) losses in less than
50% owned subsidiary 378 (318) (332) (15) (270) (162)
--------- --------- --------- --------- --------- --------- ---------
Earnings $ 97,495 $ 94,229 $ 87,487 $ 106,177 $ 132,660 $ 62,230 $ 78,299
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FIXED CHARGES:
Interest expense (2) $ 26,916 $ 34,622 $ 32,028 $ 42,101 $ 55,377 $ 25,038 $ 35,918
Capitalized interest 8,578 3,079 841 170 1,535 638 336
Amortization of loan expenses 909 1,165 1,775 2,373 2,921 1,315 1,763
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Fixed charges $ 36,403 $ 38,866 $ 34,644 $ 44,644 $ 59,833 $ 26,991 $ 38,017
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CONSOLIDATED RATIO OF EARNINGS
TO FIXED CHARGES 2.68 2.42 2.53 2.38 2.22 2.31 2.06
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EARNINGS:
Income from continuing operations
before extraordinary items (1) $ 69,292 $ 58,760 $ 54,016 $ 61,718 $ 74,632 $ 36,039 $ 40,618
Fixed charges 36,403 38,866 34,644 44,644 59,833 26,991 38,017
Capitalized interest (8,578) (3,079) (841) (170) (1,535) (638) (336)
Equity (earnings) losses in less than
50% owned subsidiary 378 (318) (332) (15) (270) (162)
--------- --------- --------- --------- --------- --------- ---------
Earnings $ 97,495 $ 94,229 $ 87,487 $ 106,177 $ 132,660 $ 62,230 $ 78,299
========= ========= ========= ========= ========= ========= =========
COMBINED FIXED CHARGES AND PREFERRED
STOCK DIVIDENDS:
Interest expense (2) $ 26,916 $ 34,622 $ 32,028 $ 42,101 $ 55,377 $ 25,038 $ 35,918
Capitalized interest 8,578 3,079 841 170 1,535 638 336
Amortization of loan expenses 909 1,165 1,775 2,373 2,921 1,315 1,763
--------- --------- --------- --------- --------- --------- ---------
Fixed charges 36,403 38,866 34,644 44,644 59,833 26,991 38,017
Preferred stock dividends 12,814 13,490 13,505 12,468 9,218 5,164 4,492
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Combined fixed charges and
preferred stock dividends $ 49,217 $ 52,356 $ 48,149 $ 57,112 $ 69,051 $ 32,155 $ 42,509
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CONSOLIDATED RATIO OF EARNINGS
TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS 1.98 1.80 1.82 1.86 1.92 1.94 1.84
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(1) Effective January 1, 2003, in accordance with FASB Statement No. 145, we
reclassified the losses on extinguishments of debt in 2001 and 2002 to income
from continuing operations rather than as extraordinary items as previously
required under FASB Statement No. 4.
(2) For purposes of this statement, interest expense consists of interest on all
indebtedness including amounts allocated to discontinued operations, in
accordance with FASB Statement No. 144.