Exhibit 12.1
Statement on Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratio data)
(in thousands, except ratio data)
For the Year Ended December 31, | ||||||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
Income from continuing operations | $ | 62,937 | $ | 59,674 | $ | 46,564 | $ | 46,326 | $ | 45,916 | ||||||||||
Minority interest in continuing operations | 16,268 | 16,262 | 24,785 | 29,638 | 28,271 | |||||||||||||||
Interest expense | 2,575 | 1,330 | 3,054 | 4,015 | 5,324 | |||||||||||||||
Earnings from continuing operations available to cover fixed charges | $ | 81,780 | $ | 77,266 | $ | 74,403 | $ | 79,979 | $ | 79,511 | ||||||||||
Fixed charges (1) | $ | 2,575 | $ | 1,330 | $ | 3,054 | $ | 4,015 | $ | 5,612 | ||||||||||
Preferred stock dividends | 47,933 | 43,011 | 33,020 | 15,784 | 15,412 | |||||||||||||||
Preferred partnership distributions | 11,155 | 10,651 | 20,245 | 19,240 | 17,927 | |||||||||||||||
Combined fixed charges and preferred distributions | $ | 61,663 | $ | 54,992 | $ | 56,319 | $ | 39,039 | $ | 38,951 | ||||||||||
Ratio of earnings from continuing operations to fixed charges | 31.8 | 58.1 | 24.4 | 19.9 | 14.2 | |||||||||||||||
Ratio of earnings from continuing operations to combined fixed charges and preferred distributions | 1.3 | 1.4 | 1.3 | 2.0 | 2.0 | |||||||||||||||
(1) | Fixed charges include interest expense plus capitalized interest |