EX-12 3 l19845aexv12.htm EX-12 STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS EX-12
 

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)
                                                         
                                            Three Months  
                                            Ended  
    Year Ended December 31     March 31  
    2001     2002     2003     2004     2005     2005     2006  
    (dollars in thousands)  
Earnings:
                                                       
Income from continuing operations before extraordinary items (1)
  $ 50,200     $ 57,524     $ 70,736     $ 81,118     $ 78,127     $ 22,741     $ 23,155  
Fixed charges
    34,644       44,644       59,833       76,824       85,999       20,773       25,151  
Capitalized interest
    (841 )     (170 )     (1,535 )     (875 )     (665 )     (265 )     (202 )
Equity (earnings) losses in less than 50% owned subsidiary
    (332 )     (15 )     (270 )                                
 
           
Earnings
  $ 83,671     $ 101,983     $ 128,764     $ 157,067     $ 163,461     $ 43,249     $ 48,104  
 
           
 
                                                       
Fixed charges:
                                                       
Interest expense (2)
  $ 32,028     $ 42,101     $ 55,377     $ 72,556     $ 82,624     $ 19,645     $ 24,238  
Capitalized interest
    841       170       1,535       875       665       265       202  
Amortization of loan expenses
    1,775       2,373       2,921       3,393       2,710       863       711  
 
           
Fixed charges
  $ 34,644     $ 44,644     $ 59,833     $ 76,824     $ 85,999     $ 20,773     $ 25,151  
 
           
 
 
           
Consolidated ratio of earnings to fixed charges
    2.42       2.28       2.15       2.04       1.90       2.08       1.91  
 
           
 
                                                       
Earnings:
                                                       
Income from continuing operations before extraordinary items (1)
  $ 50,200     $ 57,524     $ 70,736     $ 81,118     $ 78,127     $ 22,741     $ 23,155  
Fixed charges
    34,644       44,644       59,833       76,824       85,999       20,773       25,151  
Capitalized interest
    (841 )     (170 )     (1,535 )     (875 )     (665 )     (265 )     (202 )
Equity (earnings) losses in less than 50% owned subsidiary
    (332 )     (15 )     (270 )                                
 
           
Earnings
  $ 83,671     $ 101,983     $ 128,764     $ 157,067     $ 163,461     $ 43,249     $ 48,104  
 
           
 
                                                       
Fixed charges:
                                                       
Interest expense (2)
  $ 32,028     $ 42,101     $ 55,377     $ 72,556     $ 82,624     $ 19,645     $ 24,238  
Capitalized interest
    841       170       1,535       875       665       265       202  
Amortization of loan expenses
    1,775       2,373       2,921       3,393       2,710       863       711  
 
           
Fixed charges
    34,644       44,644       59,833       76,824       85,999       20,773       25,151  
Preferred stock dividends
    13,505       12,468       9,218       12,737       21,594       5,436       5,333  
 
           
Combined fixed charges and preferred stock dividends
  $ 48,149     $ 57,112     $ 69,051     $ 89,561     $ 107,593     $ 26,209     $ 30,484  
 
           
 
 
 
           
Consolidated ratio of earnings to combined fixed charges and preferred stock dividends
    1.74       1.79       1.86       1.75       1.52       1.65       1.58  
 
           
 
(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 and attributable to properties held for sale at March 31, 2006 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.