EX-12 2 l22907aexv12.htm EX-12 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)

(Dollars in thousands)
                                                         
                                            Nine Months  
                                            Ended  
    Year Ended December 31     September 30  
    2001     2002     2003     2004     2005     2005     2006  
Earnings:
                                                       
Pretax income from continuing operations before extraordinary items (1)
  $ 48,597     $ 55,732     $ 69,661     $ 79,877     $ 77,303     $ 50,035     $ 76,002  
Fixed charges
    34,644       44,644       59,833       76,824       85,999       64,090       76,292  
Capitalized interest
    (841 )     (170 )     (1,535 )     (875 )     (665 )     (626 )     (2,494 )
Equity (earnings) losses in less than 50% owned subsidiary
    (332 )     (15 )     (270 )                                
         
Earnings
  $ 82,068     $ 100,191     $ 127,689     $ 155,826     $ 162,637     $ 113,499     $ 149,800  
         
 
                                                       
Fixed charges:
                                                       
Interest expense (2)
  $ 32,028     $ 42,101     $ 55,377     $ 72,556     $ 82,624     $ 61,255     $ 71,599  
Capitalized interest
    841       170       1,535       875       665       626       2,494  
Amortization of loan expenses
    1,775       2,373       2,921       3,393       2,710       2,209       2,199  
         
Fixed charges
  $ 34,644     $ 44,644     $ 59,833     $ 76,824     $ 85,999     $ 64,090     $ 76,292  
         
Consolidated ratio of earnings to fixed charges
    2.37       2.24       2.13       2.03       1.89       1.77       1.96  
         
 
                                                       
Earnings:
                                                       
Pretax income from continuing operations before extraordinary items (1)
  $ 48,597     $ 55,732     $ 69,661     $ 79,877     $ 77,303     $ 50,035     $ 76,002  
Fixed charges
    34,644       44,644       59,833       76,824       85,999       64,090       76,292  
Capitalized interest
    (841 )     (170 )     (1,535 )     (875 )     (665 )     (626 )     (2,494 )
Equity (earnings) losses in less than 50% owned subsidiary
    (332 )     (15 )     (270 )                                
         
Earnings
  $ 82,068     $ 100,191     $ 127,689     $ 155,826     $ 162,637     $ 113,499     $ 149,800  
         
 
                                                       
Fixed charges:
                                                       
Interest expense (2)
  $ 32,028     $ 42,101     $ 55,377     $ 72,556     $ 82,624     $ 61,255     $ 71,599  
Capitalized interest
    841       170       1,535       875       665       626       2,494  
Amortization of loan expenses
    1,775       2,373       2,921       3,393       2,710       2,209       2,199  
         
Fixed charges
    34,644       44,644       59,833       76,824       85,999       64,090       76,292  
Preferred stock dividends
    13,505       12,468       9,218       12,737       21,594       16,261       15,998  
         
Combined fixed charges and
                                                       
preferred stock dividends
  $ 48,149     $ 57,112     $ 69,051     $ 89,561     $ 107,593     $ 80,351     $ 92,290  
         
Consolidated ratio of earnings to combined fixed charges and preferred stock dividends
    1.70       1.75       1.85       1.74       1.51       1.41       1.62  
         
 
(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 September 30, 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.