EX-12 4 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 March 31, 2002 2001 ------- ------- Net income before extraordinary item $14,386 $ 5,919 Add: Portion of rents representative of the interest factor 195 198 Minority interests (125) 760 Loss on equity investment in joint venture (4) (219) Interest on indebtedness 32,463 37,221 ------- ------- Earnings $46,915 $43,880 ======= ======= Fixed charges and preferred stock dividend: Interest on indebtedness $32,463 $37,221 Capitalized interest 637 768 Portion of rents representative of the interest factor 195 198 ------- ------- Fixed charges 33,295 38,187 ------- ------- Add: Preferred stock dividend 6,875 9,063 ------- ------- Combined fixed charges and preferred stock dividend $40,170 $47,250 ======= ======= Ratio of earnings to fixed charges 1.41 x 1.15 x Ratio of earnings to combined fixed charges and preferred stock dividend 1.17 x 0.93 x