EX-12.2 8 dex122.htm STATEMENTS REGARDING COMPUTATION OF RATIOS Statements regarding computation of ratios

Exhibit 12.2

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

Our ratio of earnings to fixed charges and preferred share dividends for the periods indicated are set forth below. For purposes of calculating the ratios set forth below, earnings represent net income from continuing operations before minority interests from our consolidated statements of operations, as adjusted for fixed charges; and fixed charges represent interest expense and preferred share dividends from our consolidated statements of operations.

The following table presents our ratio of earnings to fixed charges and preferred share dividends for the six-month period ended June 30, 2008 and for the five years ended December 31, 2007 (dollars in thousands):

 

     For the
Six-Month
Period Ended

June 30, 2008
    For the Years Ended December 31  
       2007     2006     2005     2004     2003  

Net income (loss) from continuing operations as adjusted for minority interest

   $ 350,734     $ (437,102 )   $ 74,704     $ 75,074     $ 63,098     $ 45,379  

Add back fixed charges:

            

Interest expense

     254,231       700,953       63,410       13,011       5,435       4,642  
                                                

Earnings before fixed charges and preferred share dividends

     604,965       263,851       138,114       88,085       68,533       50,021  

Fixed charges and preferred share dividends:

            

Interest expense

     254,231       700,953       63,410       13,011       5,435       4,642  

Preferred share dividends

     6,821       11,817       10,079       10,076       5,279       —    
                                                

Total fixed charges and preferred share dividends

   $ 261,052     $ 712,770     $ 73,489     $ 23,087     $ 10,714     $ 4,642  
                                                

Ratio of earnings to fixed charges and preferred share dividends

     2.3 x     (1)     1.9 x     3.8 x     6.4 x     10.8 x
                                                

 

(1) The dollar amount of the deficiency for the year ended December 31, 2007 is $448.9 million.