EX-12 5 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES RATIO OF EARNINGS TO FIXED CHARGES

EXHIBIT 12—STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     1999
    2000
     2001
    2002
    2003

Income (loss) before gain on disposal of real estate assets, discontinued operations, provision for income taxes and extraordinary loss

    $ 38,347    $ (69,669 )   $ 49,071    $ 35,090    $ 96,734

Interest Expense

                                    

Notes payable and other debt

      81,533      87,557       80,197      71,027      61,790

United States Settlement

      —        —         4,592      5,461      4,943
    
  
 
  
  

Earnings

    $ 119,880    $ 17,888     $ 133,860    $ 111,578    $ 163,467
    
  
 
  
  

Interest Expense

                                    

Notes payable and other debt

      81,533      87,557       80,197      71,027      61,790

United States Settlement

      —        —         4,592      5,461      4,943
    
  
 
  
  

Fixed Charges

    $ 81,533    $ 87,557     $ 84,789    $ 76,488    $ 66,733
    
  
 
  
  

Ratio of Earnings to Fixed Charges and preferred stock dividends (a)

      1.47      -0.20       1.58      1.46      2.45
    
  
 
  
  
(a) Earnings were insufficient to cover fixed charges by $69.7 million in 2000. Earnings in 2000 were reduced by $96.5 million for the United States Settlement.