EX-12 4 g92428exv12.txt EX-12 STATEMENT RE: COMPUTATION OF EARNINGS EXHIBIT 12 COUSINS PROPERTIES INCORPORATED STATEMENT REGARDING COMPUTATION OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS ($ IN THOUSANDS)
2004 2003 2002 2001 2000 --------- --------- -------- -------- -------- Earnings: Pre-tax income (loss) from continuing operations, adjusted for equity investees and minority interests $ 2,065 $ (1,759) $ (7,243) $ 9,842 $ 17,160 Add: Gain on sale of investment property, net of applicable income tax provision 118,056 100,558 6,254 23,496 11,937 Distributed income of equity investees 247,532 58,488 36,036 44,978 32,538 Amortization of capitalized interest 1,084 631 631 575 598 Fixed charges 37,083 35,984 33,437 27,994 23,262 Subtract: Capitalized interest (14,028) (9,684) (5,934) (9,712) (15,285) Preferred dividends (8,042) (3,358) - - - --------- --------- -------- -------- -------- EARNINGS $ 383,750 $ 180,860 $ 63,181 $ 97,173 $ 70,210 ========= ========= ======== ======== ======== Fixed charges: Interest expense $ 14,622 $ 22,576 $ 27,041 $ 17,852 $ 7,680 Capitalized interest 14,028 9,684 5,934 9,712 15,285 Interest component of rental expense (30%) 391 366 462 430 297 --------- --------- -------- -------- -------- 29,041 32,626 33,437 27,994 23,262 Preferred stock dividends 8,042 3,358 - - - --------- --------- -------- -------- -------- FIXED CHARGES $ 37,083 $ 35,984 $ 33,437 $ 27,994 $ 23,262 ========= ========= ======== ======== ======== RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 10.35 5.03 1.89 3.47 3.02 ========= ========= ======== ======== ========