10-K: Annual report pursuant to Section 13 and 15(d)
Published on February 28, 2011
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, amortization of deferred financing costs and costs related to retiring certain debt early. 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, | ||||||||||||||||||||
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2006
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2007
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2008
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2009
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2010
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(in thousands)
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Income from continuing operations before income taxes
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$ | 58,252 | $ | 67,591 | $ | 77,619 | $ | 82,111 | $ | 58,436 | ||||||||||
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Interest expense
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47,611 | 44,092 | 39,746 | 39,075 | 90,602 | |||||||||||||||
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Income before fixed charges
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$ | 105,863 | $ | 111,683 | $ | 117,365 | $ | 121,186 | $ | 149,038 | ||||||||||
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Capitalized interest
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$ | - | $ | 110 | $ | 160 | $ | 141 | $ | 22 | ||||||||||
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Interest expense
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47,611 | 44,092 | 39,746 | 39,075 | 90,602 | |||||||||||||||
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Preferred stock dividends
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9,923 | 9,923 | 9,714 | 9,086 | 9,086 | |||||||||||||||
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Total fixed charges and preferred dividends
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$ | 57,534 | $ | 54,125 | $ | 49,620 | $ | 48,302 | $ | 99,710 | ||||||||||
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Earnings / combined fixed charges and preferred dividends coverage ratio
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1.8 | x | 2.1 | x | 2.4 | x | 2.5 | x | 1.5 | x | ||||||||||