EX-12 3 l42312exv12.htm EX-12 exv12
EXHIBIT 12
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (UNAUDITED)
                                                         
    Year Ended December 31,     Three Months Ended March 31,  
    2006     2007     2008     2009     2010     2010     2011  
    (dollars in thousands)  
Earnings:
                                                        
Pretax income from continuing operations before adjustment for income or loss from equity investees(1)
   $ 77,116     $ 95,016     $ 128,349     $ 147,812     $ 77,082     $ 21,214     $ 4,592  
Fixed charges
     101,263       149,439       154,857       139,044       167,807       34,220       60,279  
Capitalized interest
     (4,470 )     (12,526 )     (25,029 )     (41,170 )     (20,792 )     (7,076 )     (4,665 )
Amortized premiums, discounts and capitalized expenses related to indebtedness
     3,403       8,413       11,231       11,898       13,945       2,841       3,716  
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
     (13 )     (238 )     (126 )     342       (357 )     (373 )     242  
 
                                          
Earnings
   $ 177,299     $ 240,104     $ 269,282     $ 257,926     $ 237,685     $ 50,826     $ 64,164  
 
                                          
 
                                                        
Fixed charges:
                                                        
Interest expense(1)
   $ 100,196     $ 145,326     $ 141,059     $ 109,772     $ 160,960     $ 29,985     $ 59,330  
Capitalized interest
     4,470       12,526       25,029       41,170       20,792       7,076       4,665  
Amortized premiums, discounts and capitalized expenses related to indebtedness
     (3,403 )     (8,413 )     (11,231 )     (11,898 )     (13,945 )     (2,841 )     (3,716 )
 
                                          
Fixed charges
   $ 101,263     $ 149,439     $ 154,857     $ 139,044     $ 167,807     $ 34,220     $ 60,279  
 
                                          
Consolidated ratio of earnings to fixed charges
     1.75       1.61       1.74       1.85       1.42       1.49       1.06  
 
                                                        
Earnings:
                                                        
Pretax income from continuing operations before adjustment for income or loss from equity investees(1)
   $ 77,116     $ 95,016     $ 128,349     $ 147,812     $ 77,082     $ 21,214     $ 4,592  
Fixed charges
     101,263       149,439       154,857       139,044       167,807       34,220       60,279  
Capitalized interest
     (4,470 )     (12,526 )     (25,029 )     (41,170 )     (20,792 )     (7,076 )     (4,665 )
Amortized premiums, discounts and capitalized expenses related to indebtedness
     3,403       8,413       11,231       11,898       13,945       2,841       3,716  
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges
     (13 )     (238 )     (126 )     342       (357 )     (373 )     242  
 
                                          
Earnings
   $ 177,299     $ 240,104     $ 269,282     $ 257,926     $ 237,685     $ 50,826     $ 64,164  
 
                                          
 
                                                        
Fixed charges:
                                                        
Interest expense(1)
   $ 100,196     $ 145,326     $ 141,059     $ 109,772     $ 160,960     $ 29,985     $ 59,330  
Capitalized interest
     4,470       12,526       25,029       41,170       20,792       7,076       4,665  
Amortized premiums, discounts and capitalized expenses related to indebtedness
     (3,403 )     (8,413 )     (11,231 )     (11,898 )     (13,945 )     (2,841 )     (3,716 )
 
                                          
Fixed charges
     101,263       149,439       154,857       139,044       167,807       34,220       60,279  
Preferred stock dividends
     21,463       25,130       23,201       22,079       21,645       5,509       8,680  
 
                                          
Combined fixed charges and preferred stock dividends
   $ 122,726     $ 174,569     $ 178,058     $ 161,123     $ 189,452     $ 39,729     $ 68,959  
 
                                          
 
                                                        
Consolidated ratio of earnings to combined fixed charges and preferred stock dividends
     1.44       1.38       1.51       1.60       1.25       1.28       0.93  
 
(1)   We have reclassified the income and expenses attributable to the properties sold prior to or held for sale at March 31, 2011 to discontinued operations.