EX-12.2 25 a2167720zex-12_2.htm EXHIBIT 12.2
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Exhibit 12.2

RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

        The following table sets forth our ratio of earnings to combined fixed charges and preferred stock dividends on a reported basis for the periods indicated. Earnings consist of income (loss) from continuing operations plus fixed charges. Fixed charges consist of interest expense and amortization of deferred financing costs. We have calculated the ratio of earnings to combined fixed charges and preferred stock dividends by adding net income (loss) from continuing operations to fixed charges and dividing that sum by such fixed charges plus preferred dividends, irrespective of whether or not such dividends were actually paid.

 
  Year Ended December 31,
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

  2001
  2002
  2003
  2004
  2005
(Loss) income from continuing operations   $ (22,253 ) $ (4,335 ) $ 27,396   $ 10,069   $ 30,151
Interest expense     33,204     34,381     23,388     44,008     34,771
   
 
 
 
 
Income before fixed charges   $ 10,951   $ 30,046   $ 50,784   $ 54,077   $ 64,922
   
 
 
 
 
Interest expense   $ 33,204   $ 34,381   $ 23,388   $ 44,008   $ 34,771
Preferred stock dividends     19,994     20,115     20,115     15,807     11,385
   
 
 
 
 
Total fixed charges and preferred dividends   $ 53,198   $ 54,496   $ 43,503   $ 59,815   $ 46,156
   
 
 
 
 
Earnings / combined fixed charges and preferred dividends coverage ratio     *     *     1.2x     *     1.4x
   
 
 
 
 

*
Our earnings were insufficient to cover combined fixed charges and preferred stock dividends by $42,247, $24,450 and $5,738 in 2001, 2002 and 2004, respectively. In addition, our ratio of earnings to combined fixed charges and preferred dividends has been revised to reflect the impact of the implementation of the Statement of Accounting Standard No. 144, Accounting for the Impairment and Disposal of Long-Lived Assets.



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RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS