exhibit121.htm

	Year Ended December 31,
	2010			2009			2008			2007			2006

Earnings:

Income (loss) before discontinued operations, equity in earnings and noncontrolling interests	$	91,571		$	(13,649	)	$	67,719		$	145,477		$	179,589
Fixed charges less capitalized interest and preferred dividends		290,646			292,826			311,710			286,455			256,824
Distributed income of equity investees		4,959			12,665			15,661			9,450			12,285
Equity in losses of equity investees for which charges arise from guarantees		(1,646	)		-			-			-			-
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges		(4,203	)		(4,901	)		(3,886	)		(5,278	)		(4,205	)

Total earnings	$	381,327		$	286,941		$	391,204		$	436,104		$	444,493


Combined fixed charges (1):
Interest expense (2)	$	290,646		$	292,826		$	311,710		$	286,455		$	256,824
Capitalized interest		3,577			6,807			19,218			19,410			15,992
Preferred dividends (3)		53,289			42,555			42,082			34,038			30,568

Total combined fixed charges	$	347,512		$	342,188		$	373,010		$	339,903		$	303,384

Ratio of earnings to combined fixed charges(4)		1.10			-			1.05			1.28			1.47


(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) Total earnings for the year ended December 31, 2009 were inadequate to cover combined fixed charges by $55,999.