EX-12 2 a2207357zex-12.htm EX-12
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Exhibit 12


RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 
   Year Ended  
 
   2011   2010   2009   2008   2007  

Income from continuing operations

   $ 49,673   $ 45,860   $ 44,473   $ 43,056   $ 47,803  

Add: Fixed charges

     6,670     2,961     2,754     4,481     5,300  

Less: Capitalized interest

     (45 )   (117 )   (40 )   (60 )   —  

Less: Income allocated to non-controlling interests

     (191 )   (191 )   (296 )   (307 )   (343 )
                       

Earnings

   $ 56,107   $ 48,513   $ 46,891   $ 47,170   $ 52,760  
                       

Fixed Charges

                                

Interest expense (includes amortization of debt issue costs and capitalized interest)

     6,479     2,770     2,458     4,174     4,957  

Income allocated to non-controlling interests

     191     191     296     307     343  
                       

Total fixed charges

     6,670     2,961     2,754     4,481     5,300  

Preferred stock dividend (excludes preferred stock redemption charge)

     5,512     13,662     15,141     15,390     16,923  
                       

Total fixed charges and preferred dividends

   $ 12,182   $ 16,623   $ 17,895   $ 19,871   $ 22,223  
                       

Ratio of earnings to fixed charges

     8.41     16.38     17.03     10.53     9.95  

Ratio of earnings to fixed charges and preferred dividends

    
4.61		    
2.92		    
2.62		    
2.37		    
2.37		  



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RATIO OF EARNINGS TO FIXED CHARGES (dollars in thousands)