Year ended December 31, | ||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
Earnings(1): |
||||||||||||||||||||
Income before income tax expense |
63,936 | 51,882 | 42,419 | 47,229 | 43,111 | |||||||||||||||
Fixed charges expensed and capitalized |
20,591 | 19,719 | 19,669 | 18,600 | 18,664 | |||||||||||||||
Capitalized interest |
(3,411 | ) | (2,585 | ) | (2,700 | ) | (900 | ) | (824 | ) | ||||||||||
Preferred dividend requirement |
(114 | ) | (153 | ) | (153 | ) | (153 | ) | (153 | ) | ||||||||||
81,002 | 68,863 | 59,235 | 64,776 | 60,798 | ||||||||||||||||
Fixed Charges: |
||||||||||||||||||||
Interest expensed and capitalized, and
amortization of capitalized
expense related
to indebtedness |
20,591 | 19,719 | 19,669 | 18,600 | 18,664 | |||||||||||||||
Estimated interest component of rent
expense |
237 | 221 | 208 | 180 | 205 | |||||||||||||||
Preferred dividend requirement |
114 | 153 | 153 | 153 | 153 | |||||||||||||||
20,942 | 20,093 | 20,030 | 18,933 | 19,022 | ||||||||||||||||
Ratio of earnings to fixed charges
including
preferred stock dividends |
3.87 | 3.43 | 2.96 | 3.42 | 3.20 |
(1) | As defined by Item 503(d) of Regulation S-K |