Year ended December 31,

2011

2010

2009

2008

2007

Earnings(1):

Income before income tax expense

$

60,878

$

62,211

$

67,916

$

63,936

$

51,882

Fixed charges expensed and capitalized

32,455

27,936

24,394

20,591

19,719

Capitalized interest

(2,741

)

(1,563

)

(3,081

)

(3,411

)

(2,585

)

Preferred dividend requirement

—

—

—

(114

)

(153

)

$

90,592

$

88,584

$

89,229

$

81,002

$

68,863

Fixed Charges:

Interest expensed and capitalized, and amortization of capitalized expense related to indebtedness

$

32,455

$

27,936

$

24,394

$

20,591

$

19,719

Estimated interest component of rent expense

474

338

329

237

221

Preferred dividend requirement

—

—

—

114

153

$

32,929

$

28,274

$

24,723

$

20,942

$

20,093

Ratio of earnings to fixed charges including preferred stock dividends

$

2.75

$

3.13

$

3.61

$

3.87

$

3.43