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

Published on February 28, 2013


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,  
   
2008
   
2009
   
2010
   
2011
   
2012
 
   
(in thousands)
 
Income from continuing operations before income taxes
  $ 77,619     $ 82,111     $ 58,436     $ 52,606     $ 120,698  
Interest expense
    39,746       39,075       90,602       86,899       106,096  
Income before fixed charges
  $ 117,365     $ 121,186     $ 149,038     $ 139,505     $ 226,794  
                                         
Capitalized interest
  $ 160     $ 141     $ 22     $ 139     $ 240  
Interest expense
    39,746       39,075       90,602       86,899       106,096  
Preferred stock dividends
    9,714       9,086       9,086       1,691        
Total fixed charges and preferred dividends
  $ 49,620     $ 48,302     $ 99,710     $ 88,729     $ 106,336  
Earnings / combined fixed charges and preferred dividends coverage ratio
    2.4 x     2.5 x     1.5 x     1.6 x     2.1 x