EX-12 2 a06-23682_4ex12.htm EX-12

Exhibit 12

 

Statement re: Calculation of Ratios of Earnings to

Combined Fixed Charges and Preferred Stock Dividends

(Dollars in thousands)

 

 

 

Nine Months
Ended
September
30, 2006

 

Year Ended
December
31, 2005

 

Year Ended
December
31, 2004

 

Year Ended
December
31, 2003

 

Year Ended
December
31, 2002

 

Year Ended
December
31, 2001

 

Net income from continuing operations less preferred dividends

 

$

51,679

 

$

93,422

 

$

107,121

 

$

111,246

 

$

117,570

 

$

176,261

 

Preferred dividends

 

41,193

 

46,479

 

33,777

 

37,321

 

45,053

 

52,442

 

Minority interest in earnings of common unitholders

 

5,314

 

9,392

 

11,232

 

12,061

 

12,594

 

24,523

 

Interest expense

 

133,288

 

116,716

 

107,158

 

98,325

 

85,697

 

81,767

 

Earnings before fixed charges

 

$

231,474

 

$

266,009

 

$

259,288

 

$

258,953

 

$

260,914

 

$

334,993

 

Interest expense

 

$

133,288

 

$

116,716

 

$

107,158

 

$

98,325

 

$

85,697

 

$

81,767

 

Interest costs capitalized

 

24,567

 

9,510

 

5,961

 

6,734

 

13,529

 

25,859

 

Total fixed charges

 

$

157,855

 

$

126,226

 

$

113,119

 

$

105,059

 

$

99,226

 

$

107,626

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred dividends

 

$

41,193

 

$

46,479

 

$

33,777

 

$

37,321

 

$

45,053

 

$

52,442

 

Total fixed charges and preferred dividends

 

$

199,048

 

$

172,705

 

$

146,896

 

$

142,380

 

$

144,279

 

$

160,068

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

1.47

 

2.11

 

2.29

 

2.46

 

2.63

 

3.11

 

Ratio of Earnings to Combined Fixed Charges and Preferred Dividends

 

1.16

 

1.54

 

1.77

 

1.82

 

1.81

 

2.09