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 | |||||||||||||||