EX-12 7 d13216exv12.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)
YEARS ENDED DECEMBER 31, ---------------------------------------------------- 2003 2002 2001 2000 1999 -------- -------- -------- -------- -------- Income before discontinued operations, net of minority interests............. $ 51,603 $ 12,551 $ 24,598 $ 17,400 $ 27,685 Add: Portion of rents representative of the interest factor.................... 651 691 794 866 928 Minority interests.................... 982 444 1,493 2,943 448 Loss on equity investment in joint venture............................ -- -- 254 111 -- Interest on indebtedness from continuing operations.............. 117,185 130,791 139,470 149,728 144,418 -------- -------- -------- -------- -------- Earnings........................... $170,421 $144,477 $166,609 $171,048 $173,479 ======== ======== ======== ======== ======== Fixed charges and preferred stock dividend: Interest on indebtedness from continuing operations.............. $117,185 $130,791 $139,470 $149,728 $144,418 Capitalized interest.................. 1,808 931 2,925 3,650 5,153 Portion of rents representative of the interest factor.................... 651 691 794 866 928 -------- -------- -------- -------- -------- Fixed charges.................... 119,644 132,413 143,189 154,244 150,499 -------- -------- -------- -------- -------- Add: Preferred stock dividend.............. 26,326 27,424 31,190 36,891 37,714 Accretion of preferred stock.......... 19,271 -- -- -- -- -------- -------- -------- -------- -------- Preferred stock dividend........... 45,597 27,424 31,190 36,891 37,714 Combined fixed charges and preferred stock dividend...... $165,241 $159,837 $174,379 $191,135 $188,213 ======== ======== ======== ======== ======== Ratio of earnings to fixed charges...... 1.42X 1.09x 1.16x 1.11x 1.15x Ratio of earnings to combined fixed charges and preferred stock dividend.............................. 1.03X -- -- -- --
For the year ended December 31, 2002, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $15.4 million. For the year ended December 31, 2001, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $7.8 million. For the year ended December 31, 2000, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $20.1 million. For the year ended December 31, 1999, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $14.7 million.