EX-12 4 a2218315zex-12.htm EX-12

Exhibit 12

 

RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

 

 

Year Ended

 

 

 

2013

 

2012

 

2011

 

2010

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

55,405

 

$

50,306

 

$

48,620

 

$

44,851

 

$

43,538

 

Fixed charges

 

12,296

 

10,098

 

6,670

 

2,961

 

2,754

 

Capitalized interest

 

(932

)

(130

)

(45

)

(117

)

(40

)

Income allocated to non-controlling interests

 

—

 

(37

)

(191

)

(191

)

(296

)

Earnings

 

$

66,769

 

$

60,237

 

$

55,054

 

$

47,504

 

$

45,956

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

Interest expense (includes amortization of debt issue costs and capitalized interest)

 

11,364

 

9,931

 

6,434

 

2,653

 

2,418

 

Capitalized Interest

 

932

 

130

 

45

 

117

 

40

 

Income allocated to non-controlling interests

 

—

 

37

 

191

 

191

 

296

 

Total fixed charges

 

12,296

 

10,098

 

6,670

 

2,961

 

2,754

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividend (excludes preferred stock redemption charge)

 

3,273

 

3,273

 

5,512

 

13,662

 

15,141

 

Total fixed charges and preferred dividends

 

$

15,569

 

$

13,371

 

$

12,182

 

$

16,623

 

$

17,895

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

5.43

 

5.97

 

8.25

 

16.04

 

16.69

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred dividends

 

4.29

 

4.51

 

4.52

 

2.86

 

2.57