ex12.htm

	Year Ended December 31,
	2009			2008			2007			2006			2005			2004

Earnings:
Income (loss) before discontinued operations, equity in earnings and noncontrolling interests	$	(13,881	)	$	68,098		$	144,819		$	179,637		$	267,160		$	196,074
Fixed charges less capitalized interest and preferred dividends		294,051			313,209			287,884			257,067			210,914			177,219
Distributed income of equity investees		12,665			15,661			9,450			12,285			7,492			8,801
Equity in losses of equity investees for which charges arise from guarantees		-			-			-			-			(1,020	)		-
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges		(4,901	)		(3,886	)		(5,278	)		(4,205	)		(3,700	)		(3,554	)

Total earnings	$	287,934		$	393,082		$	436,875		$	444,784		$	480,846		$	378,540


Combined fixed charges and preferred dividends (1):
Interest expense (2)	$	294,051		$	313,209		$	287,884		$	257,067		$	210,914		$	177,219
Capitalized interest		7,327			19,555			19,410			15,992			10,184			4,719
Preferred dividends(3)		42,555			42,082			34,038			30,568			30,568			18,309

Total combined fixed charges and preferred dividends	$	343,933		$	374,846		$	341,332		$	303,627		$	251,666		$	200,247

Ratio of earnings to combined fixed charges and preferred dividends		-	(4)		1.05			1.28			1.46			1.91			1.89


(1) The interest portion of rental expense is not calculated because the rental expense of the company is not significant.
(2) Interest expense includes amortization of capitalized debt expenses and amortization of premiums and discounts.
(3) Includes preferred distributions to the Company's partner in CW Joint Venture, LLC.
(4) Earnings were inadequate to cover combined fixed charges and preferred dividends for the year ended December 31, 2009 by $55,999.