Published on October 19, 2007
Exhibit 12.1
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Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | ||||||||||||
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Year Ended December 31 |
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(Dollars in thousands) |
Six Months Ended June 30, 2007 |
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2006 |
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2005 |
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2004 |
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2003 |
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2002 |
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Earnings |
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Income from continuing operations |
$ 20,028 |
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$ 5,236 |
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$ 6,794 |
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$ 78,300 |
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$ 56,552 |
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$ 55,720 |
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Fixed charges excluding preferred stock dividends |
150,939 |
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182,597 |
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184,515 |
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89,581 |
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57,290 |
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64,197 |
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Total |
$170,967 |
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$187,833 |
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$191,309 |
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$167,881 |
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$113,842 |
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$119,917 |
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Fixed charges |
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Interest on repurchase agreements |
$150,608 |
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$181,922 |
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$183,833 |
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$ 88,888 |
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$ 56,592 |
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$ 63,491 |
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Interest on mortgages |
331 |
|
675 |
|
682 |
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693 |
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698 |
|
706 |
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Preferred dividend requirements |
4,080 |
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8,160 |
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8,160 |
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3,576 |
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0 |
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0 |
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Total |
$155,019 |
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$190,757 |
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$192,675 |
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$ 93,157 |
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$ 57,290 |
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$ 64,197 |
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Ratio of earnings to fixed charges and preferred stock dividends |
1.10x |
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0.98x |
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0.99x |
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1.80x |
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1.99x |
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1.87x |
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Exh.12.1-1