EX-12 2 h32154exv12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12
 

Exhibit 12
Ratio of Earnings to Fixed Charges Computation
(in thousands except ratio of earnings to fixed charges)
                                         
    Year Ended December 31,  
    2004     2003     2002     2001     2000  
    (Restated)(1)     (Restated)(1)     (Restated)(1)     (Restated)(1)     (Restated)(1)  
Earnings:
                                       
Income from continuing operations before income taxes and minority interest
  $ 113,756     $ 104,475     $ 337     $ 137,463     $ 91,503  
Portion of rents representative of interest expense
    6,096       5,914       3,006       6,104       5,107  
Interest on indebtedness, including amortization of deferred loan costs
    103,292       116,027       124,043       126,523       111,910  
Amortization of capitalized interest
    3,728       3,596       3,613       3,090       2,962  
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges
    (3,825 )     (2,775 )     (2,132 )     (2,014 )     (955 )
                               
Earnings, as adjusted
  $ 223,047     $ 227,237     $ 128,867     $ 271,166     $ 210,527  
                               
                             
Fixed Charges
                             
Portion of rents representatives of interest expense
  $ 6,096     $ 5,914     $ 3,006     $ 6,104     $ 5,107  
Interest on indebtedness, including amortization of deferred loan costs
    103,292       116,027       124,043       126,523       111,910  
Capitalized interest
    1,200       1,207       1,900       19,032       11,200  
                               
Total fixed charges
  $ 110,588     $ 123,148     $ 128,949     $ 157,659     $ 128,217  
                               
                               
Ratio of earnings to fixed charges
    2.02x       1.85x       (2 )     1.79x       1.64x  
                               
 
(1)   Results previously reported for years ended December 31, 2004, 2003, 2002, 2001 and 2000 have been restated as disclosed
in Note 2 to the Consolidated Financial Statements.
(2)   For the year ended December 31, 2002, earnings were inadequate to cover fixed charges by approximately $80,000.