10-K: Annual report pursuant to Section 13 and 15(d)
Published on February 15, 2008
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, | |||||||||||||||||||||
|
2003
|
2004
|
2005
|
2006
|
2007
|
|||||||||||||||||
|
(in
thousands)
|
|||||||||||||||||||||
|
Income
from continuing operations
|
$ | 27,813 | $ | 13,414 | $ | 37,289 | $ | 55,905 | $ | 67,598 | |||||||||||
|
Interest
expense
|
23,388 | 44,008 | 34,771 | 47,611 | 44,092 | ||||||||||||||||
|
Income
before fixed charges
|
$ | 51,201 | $ | 57,422 | $ | 72,060 | $ | 103,516 | $ | 111,690 | |||||||||||
|
Interest
expense
|
$ | 23,388 | $ | 44,008 | $ | 34,771 | $ | 47,611 | $ | 44,092 | |||||||||||
|
Preferred
stock dividends
|
20,115 | 15,807 | 11,385 | 9,923 | 9,923 | ||||||||||||||||
|
Total
fixed charges and preferred dividends
|
$ | 43,503 | $ | 59,815 | $ | 46,156 | $ | 57,534 | $ | 54,015 | |||||||||||
|
Earnings
/ combined fixed charges
and
preferred dividends coverage ratio
|
1.2 | x | * | 1.6 | x | 1.8 | x | 2.1 | x | ||||||||||||
*
Our earnings were insufficient to cover combined fixed charges and preferred
stock dividends by $2,393 in 2004.