EX-12 3 d33186exv12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12
 

Exhibit 12
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
                                         
    Years ended December 31,
    2005   2004   2003   2002   2001
Income/(loss) before discontinued operations, net of minority interests
   $ 18,302     $ 24,421     $ 24,188     $ (13,985 )   $ 1,924  
 
                                        
Add:
                                        
Portion of rents representative of the interest factor
     667       651       651       691       794  
Minority interests
     288       127       (883 )     (1,304 )     (151 )
Loss on equity investment in joint venture
     —       —       —       —       254  
Interest on indebtedness from continuing operations
     162,508       123,170       116,294       127,102       132,196  
                             
Earnings
   $ 181,765     $ 148,369     $ 140,250     $ 112,504     $ 135,017  
                             
 
                                        
Fixed charges and preferred stock dividend:
                                        
Interest on indebtedness from continuing operations
   $ 162,508     $ 123,170     $ 116,294     $ 127,102     $ 132,196  
Capitalized interest
     2,769       986       1,808       931       2,925  
Portion of rents representative of the interest factor
     667       651       651       691       794  
                             
Fixed charges
     165,944       124,807       118,753       128,724       135,915  
                             
Add:
                                        
Preferred stock dividend
     15,370       19,531       26,326       27,424       31,190  
Accretion of preferred stock
     —       5,729       19,271       —       —  
                             
Preferred stock dividend and accretion of preferred stock
     15,370       25,260       45,597       27,424       31,190  
                             
Combined fixed charges and preferred stock dividend
   $ 181,314     $ 150,067     $ 164,350     $ 156,148     $ 167,105  
                             
 
                                        
Ratio of earnings to fixed charges
     1.10 x     1.19 x     1.18 x     —       —  
 
                                        
Ratio of earnings to combined fixed charges and preferred stock dividend
     1.00 x     —       —       —       —  
For the year ended December 31, 2004, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $1.7 million.
For the year ended December 31, 2003, the ratio of earnings to combined fixed charges and preferred stock dividend was deficient of achieving a 1:1 ratio by $24.1 million.
For the year ended December 31, 2002, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $16.2 million.
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 $43.6 million.
For the year ended December 31, 2001, the ratio of earnings to fixed charges was deficient of achieving a 1:1 ratio by $0.9 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 $32.1 million.