10-K: Annual report pursuant to Section 13 and 15(d)

Published on March 2, 2009

 
 



Exhibit 12.2

RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

The following table sets forth our ratio of earnings to combined fixed charges and preferred stock dividends on a reported basis for the periods indicated.  Earnings consist of income from continuing operations plus fixed charges.  Fixed charges consist of interest expense and amortization of deferred financing costs.  We have calculated the ratio of earnings to combined fixed charges and preferred stock dividends by adding net income from continuing operations to fixed charges and dividing that sum by such fixed charges plus preferred dividends, irrespective of whether or not such dividends were actually paid.


    Year Ended December 31,  
   
2004
   
2005
   
2006
   
2007
   
2008
 
   
(in thousands)
 
Income from continuing operations before income taxes
  $ 13,807     $ 39,674     $ 58,252     $ 67,591     $ 77,619  
Interest expense
    44,008       34,771       47,611       44,092       39,746  
Income before fixed charges
  $ 57,815     $ 74,445     $ 105,863     $ 111,683     $ 117,365  
                                         
Interest expense
  $ 44,008     $ 34,771     $ 47,611     $ 44,092     $ 39,746  
Preferred stock dividends
    15,807       11,385       9,923       9,923       9,714  
Total fixed charges and preferred dividends
  $ 59,815     $ 46,156     $ 57,534     $ 54,015     $ 49,460  
 
Earnings / combined fixed charges and preferred dividends coverage ratio
    *       1.6 x     1.8 x     2.1 x     2.4 x

*     Our earnings were insufficient to cover combined fixed charges and preferred stock dividends by $2,000 in 2004.

 
-I-7-