EX-12 7 dex12.txt EXHIBIT 12 EXHIBIT 12 Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends (Dollars in thousands)
Three Months ended September 30, Nine Months ended September 30, --------------------------------- ------------------------------- 2001 2000 2001 2000 -------------- ----------- ------------- ---------- Net income before extraordinary items $ 13,733 $ 20,274 $ 52,269 $ 51,773 Add: Portion of rents representative of the interest factor 197 209 593 707 Minority interests 857 1,186 3,377 2,886 Loss on equity investment in joint venture 79 21 497 23 Interest on indebtedness 36,633 39,100 109,688 117,926 -------------- ----------- ------------- ----------- Earnings $ 51,499 $ 60,790 $ 166,424 $ 173,315 ============== =========== ============= =========== Fixed charges and preferred stock dividend: Interest on indebtedness 36,633 39,100 109,688 117,926 Capitalized interest 638 876 2,317 2,829 Portion of rents representative of the interest factor 197 209 593 707 -------------- ----------- ------------- ----------- Fixed charges 37,468 40,185 112,598 121,462 -------------- ----------- ------------- ----------- Add: Preferred stock dividend 6,769 9,179 24,422 27,808 -------------- ----------- ------------- ----------- Combined fixed charges and preferred stock dividend $ 44,237 $ 49,364 $ 137,020 $ 149,270 ============== =========== ============= =========== Ratio of earnings to fixed charges 1.37 x 1.51 x 1.48 x 1.43 x Ratio of earnings to combined fixed charges and preferred stock dividend 1.16 x 1.23 x 1.21 x 1.16 x