EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(DOLLARS IN THOUSANDS)
<Table>
<Caption>
YEARS ENDED DECEMBER 31,
----------------------------------------------------
2003 2002 2001 2000 1999
-------- -------- -------- -------- --------
Income before discontinued operations,
net of minority interests............. $ 51,603 $ 12,551 $ 24,598 $ 17,400 $ 27,685
Add:
Portion of rents representative of the
interest factor.................... 651 691 794 866 928
Minority interests.................... 982 444 1,493 2,943 448
Loss on equity investment in joint
venture............................ -- -- 254 111 --
Interest on indebtedness from
continuing operations.............. 117,185 130,791 139,470 149,728 144,418
-------- -------- -------- -------- --------
Earnings........................... $170,421 $144,477 $166,609 $171,048 $173,479
======== ======== ======== ======== ========
Fixed charges and preferred stock
dividend:
Interest on indebtedness from
continuing operations.............. $117,185 $130,791 $139,470 $149,728 $144,418
Capitalized interest.................. 1,808 931 2,925 3,650 5,153
Portion of rents representative of the
interest factor.................... 651 691 794 866 928
-------- -------- -------- -------- --------
Fixed charges.................... 119,644 132,413 143,189 154,244 150,499
-------- -------- -------- -------- --------
Add:
Preferred stock dividend.............. 26,326 27,424 31,190 36,891 37,714
Accretion of preferred stock.......... 19,271 -- -- -- --
-------- -------- -------- -------- --------
Preferred stock dividend........... 45,597 27,424 31,190 36,891 37,714
Combined fixed charges and
preferred stock dividend...... $165,241 $159,837 $174,379 $191,135 $188,213
======== ======== ======== ======== ========
Ratio of earnings to fixed charges...... 1.42X 1.09x 1.16x 1.11x 1.15x
Ratio of earnings to combined fixed
charges and preferred stock
dividend.............................. 1.03X -- -- -- --
</Table>
For the year ended December 31, 2002, the ratio of earnings to combined
fixed charges and preferred stock dividend was deficient of achieving a 1:1
ratio by $15.4 million.
For the year ended December 31, 2001, the ratio of earnings to combined
fixed charges and preferred stock dividend was deficient of achieving a 1:1
ratio by $7.8 million.
For the year ended December 31, 2000, the ratio of earnings to combined
fixed charges and preferred stock dividend was deficient of achieving a 1:1
ratio by $20.1 million.
For the year ended December 31, 1999, the ratio of earnings to combined
fixed charges and preferred stock dividend was deficient of achieving a 1:1
ratio by $14.7 million.