Attached files
Exhibit 12
STATEMENT RE: COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollar amounts in thousands)
For the Three Months Ended September 30, | ||||||
2009 | 2008 | |||||
Earnings available to cover fixed charges: |
||||||
Income from continuing operations |
$ | 12,639 | $ | 15,319 | ||
Interest expense |
20,998 | 22,841 | ||||
Redeemable noncontrolling interest in income |
401 | 580 | ||||
Earnings available to cover net fixed charges |
$ | 34,038 | $ | 38,740 | ||
Fixed charges: |
||||||
Interest expense |
$ | 20,998 | $ | 22,841 | ||
Interest capitalized |
3,389 | 5,872 | ||||
Fixed charges |
$ | 24,387 | $ | 28,713 | ||
Preferred stock dividends |
2,953 | 2,953 | ||||
Fixed charges and preferred stock dividends |
$ | 27,340 | $ | 31,666 | ||
Earnings available to cover fixed charges |
$ | 34,038 | $ | 38,740 | ||
Divided by fixed charges |
$ | 24,387 | $ | 28,713 | ||
Ratio of earnings to fixed charges |
1.4x | 1.3x | ||||
Earnings available to cover fixed charges |
$ | 34,038 | $ | 38,740 | ||
Divided by fixed charges and preferred stock dividends |
$ | 27,340 | $ | 31,666 | ||
Ratio of earnings to combined fixed charges and preferred stock dividends |
1.2x | 1.2x | ||||
STATEMENT RE: COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollar amounts in thousands)
For the Nine Months Ended September 30, | ||||||
2009 | 2008 | |||||
Earnings available to cover fixed charges: |
||||||
Income from continuing operations |
$ | 44,281 | $ | 42,182 | ||
Interest expense |
61,441 | 69,058 | ||||
Redeemable noncontrolling interest in income |
1,491 | 1,741 | ||||
Earnings available to cover net fixed charges |
$ | 107,213 | $ | 112,981 | ||
Fixed charges: |
||||||
Interest expense |
$ | 61,441 | $ | 69,058 | ||
Interest capitalized |
12,804 | 17,421 | ||||
Fixed charges |
$ | 74,245 | $ | 86,479 | ||
Preferred stock dividends |
8,859 | 8,859 | ||||
Fixed charges and preferred stock dividends |
$ | 83,104 | $ | 95,338 | ||
Earnings available to cover fixed charges |
$ | 107,213 | $ | 112,981 | ||
Divided by fixed charges |
$ | 74,245 | $ | 86,479 | ||
Ratio of earnings to fixed charges |
1.4x | 1.3x | ||||
Earnings available to cover fixed charges |
$ | 107,213 | $ | 112,981 | ||
Divided by fixed charges and preferred stock dividends |
$ | 83,104 | $ | 95,338 | ||
Ratio of earnings to combined fixed charges and preferred stock dividends |
1.3x | 1.2x | ||||