Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
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| Year Ended |
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| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
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Income from continuing operations |
| $ | 85,115 |
| $ | 73,081 |
| $ | 73,399 |
| $ | 55,405 |
| $ | 50,306 |
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Fixed charges |
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| 27,850 |
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| 18,324 |
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| 14,634 |
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| 12,296 |
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| 10,098 |
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Capitalized interest |
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| (1,408) |
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| (827) |
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| (1,506) |
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| (932) |
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| (130) |
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Income allocated to non-controlling interests |
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| - |
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| - |
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| - |
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| - |
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| (37) |
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Earnings |
| $ | 111,557 |
| $ | 90,578 |
| $ | 86,527 |
| $ | 66,769 |
| $ | 60,237 |
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Fixed Charges |
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Interest expense (includes amortization of debt issue costs and capitalized interest) |
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| 26,442 |
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| 17,497 |
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| 13,128 |
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| 11,364 |
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| 9,931 |
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Capitalized Interest |
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| 1,408 |
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| 827 |
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| 1,506 |
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| 932 |
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| 130 |
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Income allocated to non-controlling interests |
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| - |
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| - |
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| - |
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| - |
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| 37 |
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Total fixed charges |
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| 27,850 |
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| 18,324 |
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| 14,634 |
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| 12,296 |
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| 10,098 |
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Preferred stock dividend (excludes preferred stock redemption charge) |
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| - |
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| 2,454 |
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| 3,273 |
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| 3,273 |
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| 3,273 |
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Total fixed charges and preferred dividends |
| $ | 27,850 |
| $ | 20,778 |
| $ | 17,907 |
| $ | 15,569 |
| $ | 13,371 |
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Ratio of earnings to fixed charges |
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| 4.01 |
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| 4.94 |
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| 5.91 |
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| 5.43 |
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| 5.97 |
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Ratio of earnings to fixed charges and preferred dividends |
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| 4.01 |
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| 4.36 |
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| 4.83 |
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| 4.29 |
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| 4.51 |
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