Exhibit 12 RATIO OF EARNINGS TO FIXED CHARGES Year Ended December 31 ------------------------------------------- 1997 1996 1995 1994 1993 ---- ---- ---- ---- ---- (In thousands, except ratio data) Income Before Income Taxes. . . . $ 6,744 $ 8,418 $ 8,969 $10,319 $ 8,322 Interest on Indebtedness. . . . . 8,801 8,312 8,048 5,556 4,910 Portion of rents representative of the interest factor. . . . . 603 518 449 419 362 ------- ------- ------- ------- ------- Earnings as adjusted . . . . $16,148 $17,248 $17,466 $16,294 $13,594 ======= ======= ======= ======= ======= Fixed Charges: Interest on Indebtedness. . . . . $ 8,801 $ 8,312 $ 8,048 $ 5,556 $ 4,910 Portion of rents representative of the interest factor. . . . . 603 518 449 419 362 ------- ------- ------- ------- ------- Fixed Charges . . . . . . . $ 9,404 $ 8,830 $ 8,497 $ 5,975 $ 5,272 ======= ======= ======= ======= ======= Ratio of Earnings to Fixed Charges. . . . . . . . 1.72 1.95 2.06 2.73 2.58 ==== ==== ==== ==== ====