EX-12 4 c90330_ex12.htm

Exhibit 12

 

     
  CONSOLIDATED RATIOS OF
EARNINGS TO FIXED CHARGES AND
EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS		  
     

 

The following table sets forth information regarding our consolidated ratio of earnings to fixed charges and consolidated ratio of earnings to combined fixed charges and preferred stock dividends for the periods shown. For purposes of determining the below ratios, earnings consist of pre-tax income from continuing operations before adjustment for income or loss from equity investees, fixed charges, amortization of capitalized interest, distributed income of equity investees and our share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges, and adjusted for interest capitalized, preference security dividend requirements of consolidated subsidiaries and non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges. Fixed charges consist of interest expensed and capitalized, amortized premiums, discounts and capitalized expenses related to indebtedness, an estimate of the interest within rental expense, and preference security dividend requirements of consolidated subsidiaries.

 

   Year Ended December 31,
    2017    2016    2015    2014    2013    2012 
Consolidated ratio of earnings to fixed charges   2.9    4.5    2.1    4.4    1.0   * 
Consolidated ratio of earnings to fixed charges and preferred stock dividends   2.6    3.7    1.7    3.6    *    * 

 

* Earnings for the reporting period were inadequate to cover total fixed charges and/or total fixed charges and preferred stock dividends. The coverage deficiency for total fixed charges for the year ended December 31, 2012 was $98.9 million. The coverage deficiencies for the combined fixed charges and preferred stock dividends for the years ended December 31, 2013 and 2012 were $15.4 million and $118.1 million, respectively.
 

     
  INFORMATION REGARDING COMPUTATION OF
RATIOS OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS		  
     

 

Ratio of Earnings to Fixed Charges

 

(Dollars in thousands)  2017   2016   2015   2014   2013   2012 
Earnings:                              
Income/(loss) before income taxes (a)  $297,407   $333,856   $96,819   $301,144   $3,660   $(98,944)
Add: Fixed Charges, net   155,036    95,535    88,678    88,101    100,444    116,802 
Add: Distributed income of equity investees   —    —    —    —    —    — 
Income/(loss) before income taxes and fixed charges, net  $452,443   $429,391   $185,497   $389,245   $104,104   $17,858 
                               
Fixed Charges:                              
Total interest expense  $147,616   $88,825   $82,685   $81,531   $94,679   $110,286 
Interest factor in rents   7,420    6,710    5,993    6,570    5,765    6,516 
Total fixed charges  $155,036   $95,535   $88,678   $88,101   $100,444   $116,802 
                               
Ratio of earnings to fixed charges   2.9    4.5    2.1    4.4    1.0    * 
                               
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends                 
                               
(Dollars in thousands)   2017    2016    2015    2014    2013    2012 
Earnings:                              
Income/(loss) before income taxes (a)  $297,407   $333,856   $96,819   $301,144   $3,660   $(98,944)
Add: Fixed Charges, net   155,036    95,535    88,678    88,101    100,444    116,802 
Add: Distributed income of equity investees   —    —    —    —    —    — 
Income/(loss) before income taxes and fixed charges, net  $452,443   $429,391   $185,497   $389,245   $104,104   $17,858 
                               
Fixed Charges & Preferred Stock Dividends:                              
Total interest expense  $147,616   $88,825   $82,685   $81,531   $94,679   $110,286 
Interest factor in rents   7,420    6,710    5,993    6,570    5,765    6,516 
Preferred stock dividends (b)   19,108    19,108    19,057    19,212    19,108    19,108 
Total fixed charges and preferred stock dividends  $174,144   $114,643   $107,735   $107,313   $119,552   $135,910 
                               
Ratio of earnings to fixed charges and preferred stock dividends   2.6    3.7    1.7    3.6    *    * 

 

*   Earnings for the reporting period were inadequate to cover total fixed charges and/or total fixed charges and preferred stock dividends. The coverage deficiency for total fixed charges for the year ended December 31, 2012 was $98.9 million. The coverage deficiencies for the combined fixed charges and preferred stock dividends for the years ended December 31, 2013 and 2012 were $15.4 million and $118.1 million, respectively.
     
(a)   Pre-tax earnings from continuing operations excluding income attributable to noncontrolling interests and income/loss from equity investees.
     
(b)   The preferred dividend amounts represent pre-tax earnings required to cover total dividends on preferred stock.