EX-12 2 a2212881zex-12.htm EX-12
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Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)

|  | Year Ended |
--- | --- | --- | ---
|  | 2012 |  | 2011 |  | 2010 |  | 2009 |  | 2008 |
Income from continuing operations |  | $ | 51,311 |  | $ | 49,542 |  | $ | 45,595 |  | $ | 44,248 |  | $ | 43,080 |
Add: Fixed charges |  |  | 10,098 |  |  | 6,670 |  |  | 2,961 |  |  | 2,754 |  |  | 4,481 |
Add: Capitalized interest |  |  | (130 | ) |  | (45 | ) |  | (117 | ) |  | (40 | ) |  | (60 | )
Less: Income allocated to non-controlling interests |  |  | (37 | ) |  | (191 | ) |  | (191 | ) |  | (296 | ) |  | (307 | )
Earnings |  | $ | 61,243 |  | $ | 55,976 |  | $ | 48,248 |  | $ | 46,666 |  | $ | 47,194 |
Fixed Charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense (includes amortization of debt issue costs and capitalized interest) |  |  | 10,061 |  |  | 6,479 |  |  | 2,770 |  |  | 2,458 |  |  | 4,174 |
Income allocated to non-controlling interests |  |  | 37 |  |  | 191 |  |  | 191 |  |  | 296 |  |  | 307 |
Total fixed charges |  |  | 10,098 |  |  | 6,670 |  |  | 2,961 |  |  | 2,754 |  |  | 4,481 |
Preferred stock dividend (excludes preferred stock redemption charge) |  |  | 3,273 |  |  | 5,512 |  |  | 13,662 |  |  | 15,141 |  |  | 15,390 |
Total fixed charges and preferred dividends |  | $ | 13,371 |  | $ | 12,182 |  | $ | 16,623 |  | $ | 17,895 |  | $ | 19,871 |
Ratio of earnings to fixed charges |  |  | 6.06 |  |  | 8.39 |  |  | 16.29 |  |  | 16.94 |  |  | 10.53 |
Ratio of earnings to fixed charges and preferred dividends |  |  | 4.58 |  |  | 4.59 |  |  | 2.90 |  |  | 2.61 |  |  | 2.38 |

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Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES (dollars in thousands)