EX-12 2 dex12.htm COMPUTATION OF RATIO OF EARNINGS Computation of Ratio of Earnings

Exhibit 12

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

The historical ratio of earnings to combined fixed charges and preferred stock dividends for the periods indicated is as follows:

 

     Three months
ended March 31,
   Year ended December 31,
     2009    2008    2008    2007    2006    2005    2004

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

   1.21    1.93    —      1.20    1.26    1.34    1.16

For the purpose of calculating the above ratios, earnings represent:

 

   

income from continuing operations before adjustment for income or loss from equity investees; plus

 

   

fixed charges; plus

 

   

amortization of capitalized expenses related to indebtedness; plus

 

   

distributed income of equity investees; minus

 

   

preferred stock dividend requirements of consolidated subsidiaries.

Combined fixed charges and preferred stock dividends represent:

 

   

interest expensed; plus

 

   

amortized premiums, discounts and capitalized expenses related to indebtedness; plus

 

   

preferred stock dividend requirements of consolidated subsidiaries.

The ratios are based solely on historical financial information and no pro forma adjustments have been made thereto. For the year ended December 31, 2008, earning were insufficient to cover combined fixed charges and preferred stock dividends by $10,382.