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

Published on February 23, 2007

 


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 (loss) 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 (loss) 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.


 
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
 
Year Ended December 31,
 
   
2002
 
2003
 
2004
 
2005
 
2006
 
(Loss) income from continuing operations
 
$
(2,561
)
$
27,770
 
$
13,371
 
$
37,355
 
$
56,042
 
Interest expense 
   
34,381
   
23,388
   
44,008
   
34,771
   
47,611
 
Income before fixed charges 
 
$
31,820
 
$
51,158
 
$
57,379
 
$
72,126
 
$
103,653
 
                                 
Interest expense 
 
$
34,381
 
$
23,388
 
$
44,008
 
$
34,771
 
$
47,611
 
Preferred stock dividends 
   
20,115
   
20,115
   
15,807
   
11,385
   
9,923
 
Total fixed charges and preferred dividends 
 
$
54,496
 
$
43,503
 
$
59,815
 
$
46,156
 
$
57,534
 
 
Earnings / combined fixed charges and preferred dividends coverage ratio
   
*
   
1.2x
   
*
   
1.6x
   
1.8x
 

* Our earnings were insufficient to cover combined fixed charges and preferred stock dividends by $22,676 and $2,436 in 2002 and 2004, respectively. In addition, our ratio of earnings to combined fixed charges and preferred dividends has been revised to reflect the impact of the implementation of the Statement of Accounting Standard No. 144, Accounting for the Impairment and Disposal of Long-Lived Assets.