STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
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For the year ended December 31, | |||||||||||||||
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(dollars in thousands)
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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 |
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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 |
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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 | |||||||||||