psex12_3q10.htm

	For the Nine Months Ended September 30,						For the Year Ended December 31,
	2010			2009			2009			2008			2007			2006			2005
	(Amounts in thousands)
Net income	$	506,904		$	602,767		$	790,456		$	973,872		$	487,078		$	345,909		$	489,044
Less: Income allocated to noncontrolling interests in subsidiaries which do not have fixed charges		(12,301	)		(12,609	)		(17,203	)		(17,668	)		(16,527	)		(16,014	)		(15,161	)
Less: Equity in earnings of investments		(27,792	)		(39,033	)		(53,244	)		(20,391	)		(12,738	)		(11,895	)		(24,883	)
Add: Cash distributions from investments		37,377			36,140			49,408			43,455			23,606			17,699			23,112
Less: Impact of discontinued operations		(7,518	)		7,213			7,572			7,648			1,125			(3,434	)		(10,201	)
Adjusted net income		496,670			594,478			776,989			986,916			482,544			332,265			461,911
Interest expense		22,455			22,705			29,916			43,944			63,671			33,062			8,216
Total earnings available to cover fixed charges	$	519,125		$	617,183		$	806,905		$	1,030,860		$	546,215		$	365,327		$	470,127
Total fixed charges - interest expense (including capitalized interest)	$	22,775		$	23,252		$	30,634		$	45,942		$	68,417		$	35,778		$	11,036

Cumulative preferred share cash dividends	$	174,509		$	174,324		$	232,431		$	239,721		$	236,757		$	214,218		$	173,017
Preferred partnership unit cash distributions		5,438			7,643			9,455			21,612			21,612			19,055			16,147
Allocations pursuant to EITF Topic D-42		4,263			(78,218	)		(78,218	)		(33,851	)		-			31,493			8,412
Total preferred distributions	$	184,210		$	103,749		$	163,668		$	227,482		$	258,369		$	264,766		$	197,576
Total combined fixed charges and preferred share distributions	$	206,985		$	127,001		$	194,302		$	273,424		$	326,786		$	300,544		$	208,612
Ratio of earnings to fixed charges		22.79	x		26.54	x		26.34	x		22.44	x		7.98	x		10.21	x		42.60	x
Ratio of earnings to fixed charges and preferred share distributions		2.51	x		4.86	x		4.15	x		3.77	x		1.67	x		1.22	x		2.25	x

Exhibit 12