EX-12 3 l10654aexv12.txt EX-12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 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)
NINE MONTHS ENDED YEAR ENDED DECEMBER 31 SEPTEMBER 30 ------------------------------------------------------------- -------------------------- 1999 2000 2001 2002 2003 2003 2004 --------- --------- --------- --------- --------- --------- ------------ EARNINGS: (DOLLARS IN THOUSANDS) Income from continuing operations (1) $ 69,292 $ 58,760 $ 54,016 $ 61,718 $ 74,632 $ 55,621 $ 62,423 Fixed charges 36,403 38,866 34,644 44,644 59,833 41,473 56,971 Capitalized interest (8,578) (3,079) (841) (170) (1,535) (1,128) (590) Equity (earnings) losses in less than 50% owned subsidiary 378 (318) (332) (15) (270) (270) --------- --------- --------- --------- --------- --------- --------- Earnings $ 97,495 $ 94,229 $ 87,487 $ 106,177 $ 132,660 $ 95,696 $ 118,804 ========= ========= ========= ========= ========= ========= ========= FIXED CHARGES: Interest expense (2) $ 26,916 $ 34,622 $ 32,028 $ 42,101 $ 55,377 $ 38,313 $ 53,813 Capitalized interest 8,578 3,079 841 170 1,535 1,128 590 Amortization of loan expenses 909 1,165 1,775 2,373 2,921 2,032 2,568 --------- --------- --------- --------- --------- --------- --------- Fixed charges $ 36,403 $ 38,866 $ 34,644 $ 44,644 $ 59,833 $ 41,473 $ 56,971 ========= ========= ========= ========= ========= ========= ========= CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES 2.68 2.42 2.53 2.38 2.22 2.31 2.09 ========= ========= ========= ========= ========= ========= ========= EARNINGS: Income from continuing operations (1) $ 69,292 $ 58,760 $ 54,016 $ 61,718 $ 74,632 $ 55,621 $ 62,423 Fixed charges 36,403 38,866 34,644 44,644 59,833 41,473 56,971 Capitalized interest (8,578) (3,079) (841) (170) (1,535) (1,128) (590) Equity (earnings) losses in less than 50% owned subsidiary 378 (318) (332) (15) (270) (270) --------- --------- --------- --------- --------- --------- --------- Earnings $ 97,495 $ 94,229 $ 87,487 $ 106,177 $ 132,660 $ 95,696 $ 118,804 ========= ========= ========= ========= ========= ========= ========= FIXED CHARGES: Interest expense (2) $ 26,916 $ 34,622 $ 32,028 $ 42,101 $ 55,377 $ 38,313 $ 53,813 Capitalized interest 8,578 3,079 841 170 1,535 1,128 590 Amortization of loan expenses 909 1,165 1,775 2,373 2,921 2,032 2,568 --------- --------- --------- --------- --------- --------- --------- Fixed charges 36,403 38,866 34,644 44,644 59,833 41,473 56,971 Preferred stock dividends 12,814 13,490 13,505 12,468 9,218 7,074 7,295 --------- --------- --------- --------- --------- --------- --------- Combined fixed charges and preferred stock dividends $ 49,217 $ 52,356 $ 48,149 $ 57,112 $ 69,051 $ 48,547 $ 64,266 ========= ========= ========= ========= ========= ========= ========= CONSOLIDATED RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 1.98 1.80 1.82 1.86 1.92 1.97 1.85 ========= ========= ========= ========= ========= ========= =========
(1) Effective January 1, 2003, in accordance with FASB Statement No. 145, we reclassified the losses on extinguishments of debt in 2001 and 2002 to income from continuing operations rather than as extraordinary items as previously required under FASB Statement No. 4. (2) For purposes of this statement, interest expense consists of interest on all indebtedness including amounts allocated to discontinued operations, in accordance with FASB Statement No. 144.