1 Exhibit 12 RATIO OF EARNINGS TO FIXED CHARGES ---------------------------------- Year Ended December 31 ----------------------------------------------- 1993 1992 1991 1990 1989 ---- ---- ---- ---- ---- (In thousands, except ratio data) Income Before Income Taxes . . . . . . $ 8,427 $6,286 $5,375 $4,941 $4,613 Interest on Indebtedness . . . . . . 4,890 4,398 4,692 4,666 4,352 Portion of rents representative of the interest factor. . . 362 304 257 230 207 ------- ------- ------- ------ ------ Earnings as adjusted. . . . . . $13,679 $10,988 $10,324 $9,837 $9,172 ======= ======= ======= ====== ====== Fixed Charges: Interest on indebtedness . . . . . . $ 4,890 $4,398 $4,692 $4,666 $4,352 Portion of rents representative of the interest factor. . . 362 304 257 230 207 ------- ------ ------ ------ ------ Fixed Charges . . . . $ 5,252 $4,702 $4,949 $4,896 $4,559 ======= ====== ====== ====== ====== Ratio of Earnings to Fixed Charges . . . . 2.60 2.34 2.09 2.01 2.01 ==== ==== ==== ==== ====