EX-12.1 6 l17218aexv12w1.htm EX-12.1: STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED) EX-12.1
 

EXHIBIT 12.1
STATEMENT REGARDING COMPUTATION
OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
                                                         
                                            Nine Months  
                                            Ended  
    Year Ended December 31     September 30  
    2000     2001     2002     2003     2004     2004     2005  
    (dollars in thousands)  
Earnings:
                                                        
Income from continuing operations before extraordinary items (1)
   $ 58,542     $ 52,807     $ 59,452     $ 72,365     $ 83,189     $ 60,862     $ 52,141  
Fixed charges
     38,866       34,644       44,644       59,833       76,824       56,971       64,090  
Capitalized interest
     (3,079 )     (841 )     (170 )     (1,535 )     (875 )     (590 )     (626 )
Equity (earnings) losses in less than 50% owned subsidiary
     (318 )     (332 )     (15 )     (270 )     0       0       0  
         
Earnings
   $ 94,011     $ 86,278     $ 103,911     $ 130,393     $ 159,138     $ 117,243     $ 115,605  
         
 
                                                        
Fixed charges:
                                                        
Interest expense (2)
   $ 34,622     $ 32,028     $ 42,101     $ 55,377     $ 72,556     $ 53,813     $ 61,255  
Capitalized interest
     3,079       841       170       1,535       875       590       626  
Amortization of loan expenses
     1,165       1,775       2,373       2,921       3,393       2,568       2,209  
         
Fixed charges
   $ 38,866     $ 34,644     $ 44,644     $ 59,833     $ 76,824     $ 56,971     $ 64,090  
         
 
                                                        
Consolidated ratio of earnings to fixed charges
     2.42       2.49       2.33       2.18       2.07       2.06       1.80  
         
 
(1) In accordance with FASB Statement No. 144, we have reclassified the income and expenses attributable to the properties sold subsequent to January 1, 2002 to discontinued operations.
(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.