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Exhibit 12

STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

|  | For the year ended December 31, |
--- | --- | --- | ---
(dollars in thousands) |  | 2011 |  | 2010 |  | 2009 |  | 2008 |  | 2007 |
Income before loss from unconsolidated entities, reversal of contingent liability, income taxes, discontinued operations, noncontrolling interest and preferred stock dividends and issuance costs |  | $ | 330,493 |  | $ | 224,751 |  | $ | 191,569 |  | $ | 135,131 |  | $ | 107,004 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior notes payable and other debt |  |  | 236,807 |  |  | 175,631 |  |  | 173,810 |  |  | 199,135 |  |  | 191,022 |
Distributions from unconsolidated entities |  |  | 3,790 |  |  | 689 |  |  | — |  |  | — |  |  | — |
Earnings |  | $ | 571,090 |  | $ | 401,071 |  | $ | 365,379 |  | $ | 334,266 |  | $ | 298,026 |
Interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior notes payable and other debt expense |  | $ | 236,807 |  | $ | 175,631 |  | $ | 173,810 |  | $ | 199,135 |  | $ | 191,022 |
Interest capitalized |  |  | 1,233 |  |  | — |  |  | 304 |  |  | 114 |  |  | — |
Preferred stock dividends |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,449 |
Fixed charges |  | $ | 238,040 |  | $ | 175,631 |  | $ | 174,114 |  | $ | 199,249 |  | $ | 194,471 |
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends |  |  | 2.40 |  |  | 2.28 |  |  | 2.10 |  |  | 1.68 |  |  | 1.53 |

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Exhibit 12

STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS