EX-12 2 a2207357zex-12.htm EX-12
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Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)

|  | Year Ended |
--- | --- | --- | ---
|  | 2011 |  | 2010 |  | 2009 |  | 2008 |  | 2007 |
Income from continuing operations |  | $ | 49,673 |  | $ | 45,860 |  | $ | 44,473 |  | $ | 43,056 |  | $ | 47,803 |
Add: Fixed charges |  |  | 6,670 |  |  | 2,961 |  |  | 2,754 |  |  | 4,481 |  |  | 5,300 |
Less: Capitalized interest |  |  | (45 | ) |  | (117 | ) |  | (40 | ) |  | (60 | ) |  | — |
Less: Income allocated to non-controlling interests |  |  | (191 | ) |  | (191 | ) |  | (296 | ) |  | (307 | ) |  | (343 | )
Earnings |  | $ | 56,107 |  | $ | 48,513 |  | $ | 46,891 |  | $ | 47,170 |  | $ | 52,760 |
Fixed Charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense (includes amortization of debt issue costs and capitalized interest) |  |  | 6,479 |  |  | 2,770 |  |  | 2,458 |  |  | 4,174 |  |  | 4,957 |
Income allocated to non-controlling interests |  |  | 191 |  |  | 191 |  |  | 296 |  |  | 307 |  |  | 343 |
Total fixed charges |  |  | 6,670 |  |  | 2,961 |  |  | 2,754 |  |  | 4,481 |  |  | 5,300 |
Preferred stock dividend (excludes preferred stock redemption charge) |  |  | 5,512 |  |  | 13,662 |  |  | 15,141 |  |  | 15,390 |  |  | 16,923 |
Total fixed charges and preferred dividends |  | $ | 12,182 |  | $ | 16,623 |  | $ | 17,895 |  | $ | 19,871 |  | $ | 22,223 |
Ratio of earnings to fixed charges |  |  | 8.41 |  |  | 16.38 |  |  | 17.03 |  |  | 10.53 |  |  | 9.95 |
Ratio of earnings to fixed charges and preferred dividends |  |  | 4.61 |  |  | 2.92 |  |  | 2.62 |  |  | 2.37 |  |  | 2.37 |

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Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES (dollars in thousands)