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) |  | 2012 |  | 2011 |  | 2010 |  | 2009 |  | 2008
Income before loss from unconsolidated entities, reversal of contingent liability, income taxes, discontinued operations and noncontrolling interest |  | $ | 280,112 |  |  | $ | 331,293 |  |  | $ | 222,871 |  |  | $ | 188,172 |  |  | $ | 128,514 |
Interest expense |  |  |  |  |  |  |  |  |  |
Senior notes payable and other debt |  | 293,401 |  |  | 229,346 |  |  | 172,474 |  |  | 172,358 |  |  | 201,022 |
Distributions from unconsolidated entities |  | 10,006 |  |  | 3,790 |  |  | 689 |  |  | — |  |  | — |
Earnings |  | $ | 583,519 |  |  | $ | 564,429 |  |  | $ | 396,034 |  |  | $ | 360,530 |  |  | $ | 329,536 |
Interest |  |  |  |  |  |  |  |  |  |
Senior notes payable and other debt expense |  | $ | 293,401 |  |  | $ | 229,346 |  |  | $ | 172,474 |  |  | $ | 172,358 |  |  | $ | 201,022 |
Interest capitalized |  | 1,857 |  |  | 1,233 |  |  | — |  |  | 304 |  |  | 114 |
Fixed charges |  | $ | 295,258 |  |  | $ | 230,579 |  |  | $ | 172,474 |  |  | $ | 172,662 |  |  | $ | 201,136 |
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends |  | 1.98 |  |  | 2.45 |  |  | 2.30 |  |  | 2.09 |  |  | 1.64 |