EX-12 3 0003.txt FIXED CHARGES EXHIBIT 12 Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends (Dollars in thousands)
Three Months ended June 30, Six Months ended June 30, --------------------------- ------------------------- 2000 1999 2000 1999 ---- ---- ---- ---- Net income before extraordinary items $12,691 $40,291 $31,499 $60,373 Add: Portion of rents representative of the interest factor 218 221 462 488 Interest on indebtedness 39,752 38,918 78,826 76,997 ------- ------- -------- -------- Earnings $52,661 $79,430 $110,787 $137,858 ======= ======= ======== ======== Fixed charges and preferred stock dividend: Interest on indebtedness $39,752 $38,918 $78,826 $76,997 Capitalized interest 990 1,517 1,954 3,184 Portion of rents representative of the interest factor 218 221 462 488 -------- ------- -------- -------- Fixed charges 40,960 40,656 81,242 80,669 -------- ------- -------- -------- Add: Preferred stock dividend 9,221 9,440 18,629 18,879 -------- ------- -------- -------- Combined fixed charges and preferred stock dividend $50,181 $50,096 $99,871 $99,548 ======== ======= ======== ======== Ratio of earnings to fixed charges 1.29x 1.95x 1.36x 1.71x Ratio of earnings to combined fixed charges and preferred stock dividend 1.05 1.59 1.11 1.38