EX-12 4 dex12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Years Ended December 31, -------------------------------------------- 2001 2000 1999 1998 1997 -------- -------- -------- -------- -------- Net income before extraordinary item............... $ 65,299 $ 75,784 $ 92,695 $ 72,470 $ 70,199 Add: Portion of rents representative of the interest factor........................................ 794 866 928 569 412 Minority interests.............................. 4,192 4,386 5,679 1,541 278 Loss on equity investment in joint venture...... 254 111 -- -- -- Interest on indebtedness........................ 144,379 156,040 153,748 106,238 79,004 -------- -------- -------- -------- -------- Earnings........................................ $214,918 $237,187 $253,050 $180,818 $149,893 ======== ======== ======== ======== ======== Fixed charges and preferred stock dividend: Interest on indebtedness........................ $144,379 $156,040 $153,748 $106,238 $ 79,004 Capitalized interest............................ 2,925 3,650 5,153 3,360 2,634 Portion of rents representative of the interest factor........................................ 794 866 928 569 412 -------- -------- -------- -------- -------- Fixed charges................................... 148,098 160,556 159,829 110,167 82,050 -------- -------- -------- -------- -------- Add: Preferred stock dividend........................ 31,190 36,891 37,714 23,593 17,345 -------- -------- -------- -------- -------- Combined fixed charges and preferred stock dividend $179,288 $197,447 $197,543 $133,760 $ 99,395 ======== ======== ======== ======== ======== Ratio of earnings to fixed charges................. 1.45 x 1.48 x 1.58 x 1.64 x 1.83x Ratio of earnings to combined fixed charges and preferred stock dividend......................... 1.20 x 1.20 x 1.28 x 1.35 x 1.51x
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