Ratio of Earnings to Fixed Charges

Year Ended December 31

(Dollars in thousands)

Six Months Ended June 30, 2007

2006

2005

2004

2003

2002

Earnings

Income from continuing operations

$20,028

$    5,236

$    6,794

$  78,300

$  56,552

$  55,720

Fixed charges

150,939

182,597

184,515

89,581

57,290

64,197

Total

$170,967

$187,833

$191,309

$167,881

$113,842

$119,917

Fixed charges

Interest on repurchase agreements

$150,608

$181,922

$183,833

$  88,888

$  56,592

$  63,491

Interest on mortgages

331

675

682

693

698

706

Total

$150,939

$182,597

$184,515

$  89,581

$  57,290

$  64,197

Ratio of earnings to fixed charges

1.13x

1.03x

1.04x

1.87x

1.99x

x

1.87x