EX-12
Published on February 22, 2016
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
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Year Ended |
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2015 |
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2014 |
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2013 |
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2012 |
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2011 |
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Income from continuing operations |
|
$ |
73,081 |
|
$ |
73,399 |
|
$ |
55,405 |
|
$ |
50,306 |
|
$ |
48,620 |
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|
Fixed charges |
|
|
18,324 |
|
|
14,634 |
|
|
12,296 |
|
|
10,098 |
|
|
6,670 |
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|
Capitalized interest |
|
|
(827) |
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|
(1,506) |
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|
(932) |
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|
(130) |
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|
(45) |
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|
Income allocated to non-controlling interests |
|
|
- |
|
|
- |
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|
- |
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|
(37) |
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|
(191) |
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|
Earnings |
|
$ |
90,578 |
|
$ |
86,527 |
|
$ |
66,769 |
|
$ |
60,237 |
|
$ |
55,054 |
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Fixed Charges |
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Interest expense (includes amortization of debt issue costs and capitalized interest) |
|
|
17,497 |
|
|
13,128 |
|
|
11,364 |
|
|
9,931 |
|
|
6,434 |
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|
Capitalized Interest |
|
|
827 |
|
|
1,506 |
|
|
932 |
|
|
130 |
|
|
45 |
|
|
Income allocated to non-controlling interests |
|
|
- |
|
|
- |
|
|
- |
|
|
37 |
|
|
191 |
|
|
Total fixed charges |
|
|
18,324 |
|
|
14,634 |
|
|
12,296 |
|
|
10,098 |
|
|
6,670 |
|
|
Preferred stock dividend (excludes preferred stock redemption charge) |
|
|
2,454 |
|
|
3,273 |
|
|
3,273 |
|
|
3,273 |
|
|
5,512 |
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|
Total fixed charges and preferred dividends |
|
$ |
20,778 |
|
$ |
17,907 |
|
$ |
15,569 |
|
$ |
13,371 |
|
$ |
12,182 |
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Ratio of earnings to fixed charges |
|
|
4.94 |
|
|
5.91 |
|
|
5.43 |
|
|
5.97 |
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|
8.25 |
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Ratio of earnings to fixed charges and preferred dividends |
|
|
4.36 |
|
|
4.83 |
|
|
4.29 |
|
|
4.51 |
|
|
4.52 |
|