Exhibit 12 Statement re: computation of ratios.
WEBSTER RATIO OF EARNINGS TO FIXED CHARGES
DECEMBER
1995 1994 1994 1993 1992 1991 1990
6 Mo. Ended 6 Mo. Ended WEBSTER WEBSTER WEBSTER WEBSTER WEBSTER
WEBSTER WEBSTER
Earnings
- --------
Income before taxes 13,440 13,060 20,142 21,697 10,233 4,212 (975)
Plus: Fixed Charges 14,654 9,455 14,529 6,518 6,103 8,554
Less: Interest captialized 0 0 0 0 0 0 0
Less: Pref. Stock Div Requirement 648 937 (1,716) (2,653) (581) 0 0
--------- --------- --------- --------- --------- --------- ---------
Total Earnings 28,742 23,452 33,573 16,170 10,315 7,579
Fixed Charges
- -------------
Interest on Borrowings 13,966 8,478 11,836 5,897 6,063 8,514
Plus: ESOP Int. Exp 40 40 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 648 937 1,716 2,653 581 0 0
--------- --------- --------- --------- --------- --------- ---------
Total Fixed Charges 14,654 9,455 23,040 14,529 6,518 6,103 8,554
Earnings in Excess (Deficit) of
Fixed Charges 14,088 13,977 18,426 19,044 9,652 4,212 (975)
Ratio of Earnings/Fixed Charges 1.96X 2.48X 1.80X 2.31X 2.48X 1.69X .89X
SHELTON RATIO OF EARNINGS TO FIXED CHARGES
SHELTON RATIO TO FIXED CHARGES YEAR ENDING JUNE 30,
-------------------------------------------------------
1995 1994 1993 1992 1991 1990
SHELTON SHELTON SHELTON SHELTON SHELTON SHELTON
Earnings
- --------
Income before taxes 3,600 3,275 3,511 2,508 1,324 1,863
Plus: Fixed Charges 337 314 338 539 1,109 1,952
Less: Interest captialized 0 0 0 0 0 0
Less: Pref. Stock Div Requirement 0 0 0 0 0 0
------ --------- --------- --------- --------- ---------
Total Earnings 3,937 3,589 3,849 3,047 2,433 3,815
Fixed Charges
- -------------
Interest on Borrowings 337 306 327 490 1,046 1,883
Plus: ESOP Int. Exp 0 0 1 3 9 15
Plus: Amort. of Debt Expense 0 0 0 0 0 0
Plus: Rental Expense 0 8 10 46 54 54
Plus: Preferred Stock Div Req's 0 0 0 0 0 0
------ -------- -------- ------- --------- ---------
Total Fixed Charges 337 314 338 539 1,109 1,952
Earnings in Excess (Deficit) of
Fixed Charges 3,600 3,275 3,511 2,508 1,324 1,863
Ratio of Earnings/Fixed Charges 11.68x 11.43X 11.39X 5.65X 2.19X 1.95X
WEBSTER/SHELTON COMBINED RATIO OF EARNINGS TO FIXED CHARGES
1995 1995 1995 1994 1994 1994 1994
6 Mo. Ended 6 Mo. Ended 6 Mo. Ended 6 Mo. Ended 6 Mo. Ended 6 Mo. Ended WEBSTER
WEBSTER SHELTON COMBINED WEBSTER SHELTON COMBINED
Earnings
- --------
Income before taxes 13,440 1,738 15,178 13,060 1,531 14,591 20,142
Plus: Fixed Charges 14,654 157 14,811 9,455 165 9,620 23,040
Less: Interest captialized 0 0 0 0 0 0 0
Less: Pref. Stock Div Requirement 648 0 648 937 0 937 (1,716)
------- ------- ------- ------- ------- ------- -------
Total Earnings 28,742 1,895 30,637 23,452 1,696 25,148 41,466
Fixed Charges
- -------------
Interest on Borrowings 13,966 157 14,123 8,478 165 8,643 21,284
Plus: ESOP Int. Exp 40 0 40 40 0 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 648 0 648 937 0 937 1,716
------- ------- ------- ------- ------- ------- -------
Total Fixed Charges 14,654 157 14,811 9,455 165 9,620 23,040
Earnings in Excess (Deficit) of
Fixed Charges 14,088 1,738 15,826 13,997 1,531 15,528 18,426
Ratio of Earnings/Fixed Charges 1.96X 12.07X 2.07X 2.48X 10.28X 2.61X 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%