Year Ended

2013

2012

2011

2010

2009

Income from continuing operations

$

55,405

$

50,306

$

48,620

$

44,851

$

43,538

Fixed charges

12,296

10,098

6,670

2,961

2,754

Capitalized interest

(932

)

(130

)

(45

)

(117

)

(40

)

Income allocated to non-controlling interests

—

(37

)

(191

)

(191

)

(296

)

Earnings

$

66,769

$

60,237

$

55,054

$

47,504

$

45,956

Fixed Charges

Interest expense (includes amortization of debt issue costs and capitalized interest)

11,364

9,931

6,434

2,653

2,418

Capitalized Interest

932

130

45

117

40

Income allocated to non-controlling interests

—

37

191

191

296

Total fixed charges

12,296

10,098

6,670

2,961

2,754

Preferred stock dividend (excludes preferred stock redemption charge)

3,273

3,273

5,512

13,662

15,141

Total fixed charges and preferred dividends

$

15,569

$

13,371

$

12,182

$

16,623

$

17,895

Ratio of earnings to fixed charges

5.43

5.97

8.25

16.04

16.69

Ratio of earnings to fixed charges and preferred dividends

4.29

4.51

4.52

2.86

2.57