EX-12 6 l27079aexv12.htm EX-12 EX-12
 

Exhibit 12
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES
(UNAUDITED)
(Dollars in thousands)
                                                         
                                            Three Months  
                                            Ended  
    Year Ended December 31,     March 31,  
    2002     2003     2004     2005     2006     2006     2007  
    (dollars in thousdands)  
Earnings:
                                                        
Income from continuing operations before extraordinary items (1)
   $ 54,500     $ 69,602     $ 82,208     $ 79,846     $ 103,504     $ 23,723     $ 28,509  
Fixed charges
     44,644       59,833       76,824       86,000       104,559       25,151       35,593  
Capitalized interest
     (170 )     (1,535 )     (875 )     (665 )     (4,470 )     (202 )     (2,327 )
Equity (earnings) losses in less than 50% owned subsidiary
     (15 )     (270 )     0       0       0       0       0  
         
Earnings
   $ 98,959     $ 127,630     $ 158,157     $ 165,181     $ 203,593     $ 48,672     $ 61,775  
         
 
                                                        
Fixed charges:
                                                        
Interest expense (2)
   $ 42,101     $ 55,377     $ 72,556     $ 82,625     $ 96,834     $ 24,238     $ 31,999  
Capitalized interest
     170       1,535       875       665       4,470       202       2,327  
Amortization of loan expenses
     2,373       2,921       3,393       2,710       3,255       711       1,267  
         
Fixed charges
   $ 44,644     $ 59,833     $ 76,824     $ 86,000     $ 104,559     $ 25,151     $ 35,593  
         
 
                                                        
         
Consolidated ratio of earnings to fixed charges
     2.22       2.13       2.06       1.92       1.95       1.94       1.74  
         
 
(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, 2007 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.