EX-12 2 a09-17162_1ex12.htm EX-12.1

EXHIBIT 12

 

 

RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in Thousands)

 

 

 

Year Ended

 

 

 

2008

 

2007

 

2006

 

2005

 

2004

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

43,192

 

$

48,039

 

$

45,879

 

$

51,037

 

$

33,199

 

Add: Interest expense

 

4,114

 

4,957

 

7,028

 

8,310

 

11,523

 

Earnings

 

$

47,306

 

$

52,996

 

$

52,907

 

$

59,347

 

$

44,722

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

4,114

 

$

4,957

 

$

7,028

 

$

8,310

 

$

11,523

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

4,114

 

$

4,957

 

$

7,028

 

$

8,310

 

$

11,523

 

Noncontrolling interests preferred return

 

307

 

343

 

343

 

349

 

896

 

Preferred stock (buyback)/redemption

 

(989

)

—

 

—

 

—

 

4,029

 

Preferred stock dividends

 

15,390

 

16,923

 

17,157

 

17,343

 

17,356

 

Fixed Charges

 

$

18,822

 

$

22,223

 

$

24,528

 

$

26,002

 

$

33,804

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to interest expense

 

11.50

 

10.69

 

7.53

 

7.14

 

3.88

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.51

 

2.38

 

2.16

 

2.28

 

1.32