Exhibit 12 Ratio of Earnings to Fixed Charges 6/30/97 12/31/96 12/31/95 12/31/94 12/31/93 Earnings: Net income 8,764,000 9,965,000 5,585,000 5,384,000 896,000 Add: Fixed Charges 10,422,000 11,858,000 9,708,000 6,806,000 612,000 Deduct: Capitalized Interest (200,000) (381,000) (285,000) (216,000) -- ---------- ---------- ---------- ---------- --------- 18,986,000 21,442,000 15,008,000 11,974,000 1,508,000 ---------- ---------- ---------- ---------- --------- Fixed Charges (a) 10,422,000 11,858,000 9,708,000 6,806,000 612,000 ---------- ---------- ---------- ---------- --------- Ratio 1.8 1.8 1.5 1.8 2.5 ========== ========== ========== ========== ========= (a) Includes interest expense and amortization of debt expense, whether expensed or capitalized. Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends 6/30/97 12/31/96 12/31/95 12/31/94 12/31/93 Earnings: Net income 8,764,000 9,965,000 5,585,000 5,384,000 896,000 Add: Fixed Charges 10,422,000 11,915,000 10,299,000 7,090,000 612,000 Deduct: Capitalized Interest (200,000) (381,000) (285,000) (216,000) -- Deduct: Preferred Stock Dividends -- (57,000) (591,000) (284,000) -- ---------- ---------- ---------- ---------- --------- 18,986,000 21,442,000 15,008,000 11,974,000 1,508,000 ---------- ---------- ---------- ---------- --------- Fixed Charges (b) 10,422,000 11,915,000 10,299,000 7,090,000 612,000 ---------- ---------- ---------- ---------- --------- Ratio 1.8 1.8 1.5 1.7 2.5 ========== ========== ========== ========== ========= (b) Includes interest expense and amortization of debt expense, whether expensed or capitalized, and preferred stock dividend requirements paid.