Statement regarding computation of ratios
Ratio of Earnings to Fixed Charges
Nine Months
December 31, Ended Sept 30,
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1993 1994 1995 1996 1997 1997 1998
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(in thousands, except ratios)
Earnings for fixed charge ratio purposes:
Pretax income from operations 68 2,349 23,696 25,541 31,769 29,616 8,340
Fixed charges 406 832 948 12,600 22,991 16,442 17,500
Adjustment to fixed charges:
Exclude interest capitalized - - - (147) - - -
Exclude preferred stock dividends - - - (2,999) (6,268) (4,592) (6,249)
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474 3,181 24,644 34,995 48,492 41,466 19,591
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Fixed charges:
Interest, including capitalized interest 406 832 948 9,601 16,723 11,850 11,251
Preferred stock divident requirements
increased for tax coverage - - - 2,999 6,268 4,592 6,249
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406 832 948 12,600 22,991 16,442 17,500
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Ratio of earnings to fixed charges 1.2 3.8 26.0 2.8 2.1 2.5 1.1
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