Exhibit 12 Statement re: computation of ratios.
WEBSTER RATIO OF EARNINGS TO FIXED CHARGES
DECEMBER
MARCH 1994 MARCH 1995 1994 1993 1992 1991 1990
3 Mo. Ended 3 Mo. Ended WEBSTER WEBSTER WEBSTER WEBSTER WEBSTER
WEBSTER WEBSTER
Earnings
- --------
Income before taxes 6,186 6,824 20,142 21,697 10,233 4,212 (975)
Plus: Fixed Charges 4,367 7,001 23,040 14,529 6,518 6,103 8,554
Less: Interest captialized 0 0 0 0 0 0 0
Less: Pref. Stock Div Requirement (469) (324) (1,716) (2,653) (581) 0 0
--------- --------- --------- --------- --------- --------- ---------
Total Earnings 10,084 13,501 41,466 33,573 16,170 10,315 7,579
Fixed Charges
- -------------
Interest on Borrowings 3,878 6,657 21,284 11,836 5,897 6,063 8,514
Plus: ESOP Int. Exp 20 20 40 40 40 40 40
Plus: Amort. of Debt Expense 0 0 0 0 0 0 0
Plus: Rental Expense 0 0 0 0 0 0 0
Plus: Preferred Stock Div Req's 469 324 1,716 2,653 581 0 0
--------- --------- --------- --------- --------- --------- ---------
Total Fixed Charges 4,367 7,001 23,040 14,529 6,518 6,103 8,554
Earnings in Excess (Deficit) of
Fixed Charges 5,717 6,500 18,426 19,044 9,652 4,212 (975)
Ratio of Earnings/Fixed Charges 2.31X 1.93X 1.80X 2.31X 2.48X 1.69X .89X
231% 193% 180% 231% 248% 169% 89%
SHELTON RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDING JUNE 30,
-------------------------------------------------------
1994 1993 1992 1991 1990 Nine Months Nine Months
SHELTON SHELTON SHELTON SHELTON SHELTON Ended 3/95 Ended 3/94
Earnings
- --------
Income before taxes 3,275 3,511 2,508 1,324 1,863 2,767 2,402
Plus: Fixed Charges 314 338 539 1,109 1,952 250 210
Less: Interest captialized 0 0 0 0 0 0 0
Less: Pref. Stock Div Requirement 0 0 0 0 0 0 0
--------- --------- --------- --------- --------- -------- ---------
Total Earnings 3,589 3,849 3,047 2,433 3,815 3,017 2,612
Fixed Charges
- -------------
Interest on Borrowings 306 327 490 1,046 1,883 250 210
Plus: ESOP Int. Exp 0 1 3 9 15 0 0
Plus: Amort. of Debt Expense 0 0 0 0 0 0 0
Plus: Rental Expense 8 10 46 54 54 0 0
Plus: Preferred Stock Div Req's 0 0 0 0 0 0 0
--------- --------- --------- --------- --------- -------- ---------
Total Fixed Charges 314 338 539 1,109 1,952 250 210
Earnings in Excess (Deficit) of
Fixed Charges 3,275 3,511 2,508 1,324 1,863 2,767 2,402
Ratio of Earnings/Fixed Charges 11.43X 11.39X 5.65X 2.19X 1.95X 12.07x 12.44x
1143% 1139% 565% 219% 195% 1207% 1244%
WEBSTER/SHELTON COMBINED RATIO OF EARNINGS TO FIXED CHARGES
1994 1994 1994 1995 1995 1995 1994
3 Mo. Ended 3 Mo. Ended 3 Mo. Ended 3 Mo. Ended 3 Mo. Ended 3 Mo. Ended WEBSTER
WEBSTER SHELTON COMBINED WEBSTER SHELTON COMBINED
Earnings
- --------
Income before taxes 6,186 658 6,844 6,824 905 7,729 20,142
Plus: Fixed Charges 4,367 71 4,438 7,001 72 7,073 23,040
Less: Interest captialized 0 0 0 0 0 0 0
Less: Pref. Stock Div Requirement (469) 0 (469) (324) 0 (324) (1,716)
------- ------- ------- ------- ------- ------- -------
Total Earnings 10,084 729 10,813 13,501 977 14,478 41,466
Fixed Charges
- -------------
Interest on Borrowings 3,878 69 3,947 6,657 70 6,727 21,284
Plus: ESOP Int. Exp 20 0 20 20 0 20 40
Plus: Amort. of Debt Expense 0 0 0 0 0 0 0
Plus: Rental Expense 0 2 2 0 2 2 0
Plus: Preferred Stock Div Req's 469 0 469 324 0 324 1,716
------- ------- ------- ------- ------- ------- -------
Total Fixed Charges 4,367 71 4,438 7,001 72 7,073 23,040
Earnings in Excess (Deficit) of
Fixed Charges 5,717 658 6,375 6,500 905 7,405 18,426
Ratio of Earnings/Fixed Charges 2.31X 10.27X 2.44X 1.93X 13.57X 2.05X 1.80X
231% 1027% 244% 193% 1357% 205% 180%
[TABLE CONTINUES...]
1994 1994 1993 1993 1993 1992 1992
SHELTON COMBINED WEBSTER SHELTON COMBINED WEBSTER SHELTON
Earnings
- --------
Income before taxes 3,393 23,535 21,697 3,198 24,895 10,233 3,263
Plus: Fixed Charges 353 23,393 14,529 290 14,819 6,518 453
Less: Interest captialized 0 0 0 0 0 0 0
Less: Pref. Stock Div Requirement 0 (1,716) (2,653) 0 (2,653) (581) 0
------- ------- ------- ------- ------- ------- -------
Total Earnings 3,746 45,212 33,573 3,488 37,061 16,170 3,716
Fixed Charges
- -------------
Interest on Borrowings 345 21,629 11,836 280 12,116 5,897 430
Plus: ESOP Int. Exp 0 40 40 0 40 40 0
Plus: Amort. of Debt Expense 0 0 0 0 0 0 0
Plus: Rental Expense 0 0 0 10 10 0 23
Plus: Preferred Stock Div Req's 8 1,724 2,653 0 2,653 581 0
------- ------- ------- ------- ------- ------- -------
Total Fixed Charges 353 23,393 14,529 290 14,819 6,518 453
Earnings in Excess (Deficit) of
Fixed Charges 3,393 21,819 19,044 3,198 22,242 9,652 3,263
Ratio of Earnings/Fixed Charges 10.61X 1.93X 2.31X 12.03X 2.50X 2.48X 8.20X
1061% 193% 231% 1203% 250% 248% 820%
[TABLE CONTINUES...]
1992 1991 1991 1991 1990 1990 1990
COMBINED WEBSTER SHELTON COMBINED WEBSTER SHELTON COMBINED
Earnings
- --------
Income before taxes 13,496 4,212 1,900 6,112 (975) 1,604 629
Plus: Fixed Charges 6,971 6,103 655 6,758 8,554 1,638 10,192
Less: Interest captialized 0 0 0 0 0 0 0
Less: Pref. Stock Div Requirement (581) 0 0 0 0 0 0
------- ------- ------- ------- ------- ------- -------
Total Earnings 19,886 10,315 2,555 12,870 7,579 3,242 10,821
Fixed Charges
- -------------
Interest on Borrowings 6,327 6,063 601 6,664 8,514 1,584 10,098
Plus: ESOP Int. Exp 40 40 0 40 40 0 40
Plus: Amort. of Debt Expense 0 0 0 0 0 0 0
Plus: Rental Expense 23 0 54 54 0 0 0
Plus: Preferred Stock Div Req's 581 0 0 0 0 54 54
------- ------- ------- ------- ------- ------- -------
Total Fixed Charges 6,971 6,103 655 6,758 8,554 1,638 10,192
Earnings in Excess (Deficit) of
Fixed Charges 12,915 4,212 1,900 6,112 (975) 1,604 629
Ratio of Earnings/Fixed Charges 2.85X 1.69X 3.90X 1.90X .89X 1.98X 1.06X
285% 169% 390% 190% 89% 198% 106%