EX-12 9 0009.txt RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 RATIO OF EARNINGS TO FIXED CHARGES
Years Ended December 31, 2000 1999 1998 1997 1996 --------- --------- --------- --------- --------- Fixed Charges: Interest Expense (including amortization of deferred debt cost) $ 39,429 $ 29,188 $ 18,026 $ 9,525 $ 9,414 Interest Capitalized 9,444 7,565 6,401 4,650 1,993 --------- --------- --------- --------- --------- Total Fixed Charges $ 48,873 $ 36,753 $ 24,427 $ 14,175 $ 11,407 ========= ========= ========= ========= ========= Earnings: Net income before net gain (loss) on real estate sales and extraordinary items $ 8,785 $ 34,424 $ 40,301 $ 25,841 $ 16,245 Fixed Charges 48,873 36,753 24,427 14,175 11,407 Capitalized Interest (9,444) (7,565) (6,401) (4,650) (1,993) --------- --------- --------- --------- --------- Total Earnings $ 48,214 $ 63,612 $ 58,327 $ 35,366 $ 25,659 ========= ========= ========= ========= ========= Ratio of Earnings to Fixed Charges 0.99 1.73 2.39 2.49 2.25