EX-12 5 d15069exv12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Dollars in thousands)
THREE MONTHS ENDED MARCH 31, ----------------------------- 2004 2003 ------------ ------------ Income before discontinued operations, net of minority interests $ 13,220 $ 10,193 Add: Portion of rents representative of the interest factor 155 161 Minority interests 524 626 Interest on indebtedness from continuing operations 28,905 31,330 ------------ ------------ Earnings $ 42,804 $ 42,310 ============ ============ Fixed charges and preferred stock dividend: Interest on indebtedness from continuing operations $ 28,905 $ 31,330 Capitalized interest 272 154 Portion of rents representative of the interest factor 155 161 ------------ ------------ Fixed charges 29,332 31,645 ------------ ------------ Add: Preferred stock dividend 5,085 6,947 Accretion of preferred stock 1,562 -- ------------ ------------ Preferred stock dividend 6,647 6,947 ------------ ------------ Combined fixed charges and preferred stock dividend $ 35,979 $ 38,592 ============ ============ Ratio of earnings to fixed charges 1.46 x 1.34 x Ratio of earnings to combined fixed charges and preferred stock dividend 1.19 x 1.10 x