EX-12.2 10 a50175005ex12-2.htm EXHIBIT 12.2 a50175005ex12-2.htm
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 from continuing operations plus fixed charges.  Fixed charges consist of interest expense, amortization of deferred financing costs and costs related to retiring certain debt early.  We have calculated the ratio of earnings to combined fixed charges and preferred stock dividends by adding net income 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,
   
2007
 
2008
 
2009
 
2010
 
2011
   
(in thousands)
 
       
Income from continuing operations before income taxes
  $ 67,591     $ 77,619     $ 82,111     $ 58,436     $ 52,606  
Interest expense
    44,092       39,746       39,075       90,602       86,899  
Income before fixed charges
  $ 111,683     $ 117,365     $ 121,186     $ 149,038     $ 139,505  
                                         
Capitalized interest
  $ 110     $ 160     $ 141     $ 22     $ 139  
Interest expense
    44,092       39,746       39,075       90,602       86,899  
Preferred stock dividends
    9,923       9,714       9,086       9,086       1,691  
Total fixed charges and preferred dividends
  $ 54,125     $ 49,620     $ 48,302     $ 99,710     $ 88,729  
 
Earnings / combined fixed charges and preferred
dividends coverage ratio
    2.1 x     2.4 x     2.5 x     1.5 x     1.6 x