10-K: Annual report pursuant to Section 13 and 15(d)
Published on April 2, 2001
EXHIBIT 12
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS (1)
The ratio of earnings to combined fixed charges and preferred stock
dividends are as follows:
(1) For purposes of calculating the ratio of earnings to combined fixed charges
and preferred stock dividends, net earnings (before gain/loss on assets
sold) has been added to fixed charges, and that sum has been divided by
such fixed charges. Fixed charges consist of interest expense and
amortization of deferred financing costs, and for each of the four years
ended December 31, 1997, 1998, 1999 and 2000, cumulative preferred stock
dividends are included starting as of the dates of issuance of the Series A
Cumulative Preferred Stock, Series B Cumulative Preferred Stock and Series
C Cumulative Preferred Stock.
(2) The deficit in 2000 represents approximately $135.8 million. Earnings for
2000 include charges of $61.7 million provision for impairment, $15.3
million provision for loss on mortgages and notes receivable, and $4.7
million of severance and consulting expense for former Company managers.
Earnings for 1999 and 1998 include impairment charges of $19.5 million and
$6.8 million, respectively.