EXHIBIT 12

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(Dollars in thousands)

			Three months ended						Six months ended
			June 30,						June 30,
			2005			2004			2005			2004
Income before discontinued operations, net of minority interests			$	5,400		$	9,824		$	11,963		$	17,927
Add:
	Portion of rents representative of the interest factor			164			157			329			312
	Minority interests			161			258			389			437
	Loss on early debt retirement			18			—			6,785			5
	Interest on indebtedness from continuing operations			39,079			29,084			78,012			57,770
		Earnings	$	44,822		$	39,323		$	97,478		$	76,451
Fixed charges and preferred stock dividend:
	Interest on indebtedness from continuing operations		$	39,079		$	29,084		$	78,012		$	57,770
	Capitalized interest			338			208			635			480
	Portion of rents representative of the interest factor			164			157			329			312
		Fixed charges		39,581			29,449			78,976			58,562
Add:
	Preferred stock dividend			3,842			5,094			7,685			10,178
	Accretion of preferred stock			—			1,562			—			3,125
		Preferred stock dividend		3,842			6,656			7,685			13,303
		Combined fixed charges and preferred stock dividend	$	43,423		$	36,105		$	86,661		$	71,865
Ratio of earnings to fixed charges				1.13	x		1.34	x		1.23	x		1.31	x
Ratio of earnings to combined fixed charges and preferred stock dividend				1.03	x		1.09	x		1.12	x		1.06	x