EXHIBIT 12
COMPUTATION OF RATIOS
EARNINGS TO FIXED CHARGES
PRO FORMA
DATA
FOR THE
THIRTEEN TWELVE
MONTHS MONTHS
ENDED YEAR ENDED DECEMBER 31, SIX MONTHS ENDED JUNE 30, ENDED
DECEMBER 31, ---------------------------------- ------------------------- JUNE 30,
1991 1992 1993 1994 1995 1995 1996 1996(1)
------------ ------- ------- ------- ------- ------------ ------------ -----------
(DOLLARS IN THOUSANDS)
(UNAUDITED) (UNAUDITED) (UNAUDITED)
Fixed charges
Interest expense, net... $ 7,776 $ 6,385 $ 4,979 $ 2,967 $ 5,093 $ 1,239 $ 4,519 $12,233
Capitalized interest.... 0 0 253 2,140 2,742 2,148 157 --
Amortization expense.... 263 190 202 287 243 117 132 258
Rent interest expense... 587 265 310 248 248 112 98 234
------- ------- ------- ------- ------- ------------ ------------ -------
Fixed charges........... $ 8,626 $ 6,840 $ 5,744 $ 5,642 $ 8,326 $ 3,616 $ 4,906 $12,725
======= ======= ======= ======= ======= ============ ============ =======
Rent expense (operating
leases)................ 1,778 802 939 751 751 340 298 709
Factor(2)............... 33% 33% 33% 33% 33% 33% 33% 33%
------- ------- ------- ------- ------- ------------ ------------ -------
Rent interest expense... 587 265 310 248 248 112 98 234
======= ======= ======= ======= ======= ============ ============ =======
Pretax income........... 26,923 29,547 30,293 30,635 23,934 13,818 8,107 14,364
Fixed charges........... 8,626 6,840 5,744 5,642 8,326 3,616 4,906 12,725
Capitalized interest.... 0 0 (253) (2,140) (2,742) (2,148) (157) --
------- ------- ------- ------- ------- ------------ ------------ -------
Earnings................ $35,549 $36,387 $35,784 $34,137 $29,518 $ 15,286 $ 12,856 $27,089
======= ======= ======= ======= ======= ============ ============ =======
Ratio................... 4.12x 5.32x 6.23x 6.05x 3.55x 4.23x 2.62x 2.13x
- --------
(1) Adjusted to give effect to the issuance of the Senior Subordinated Notes
due 2006 and the application of the net proceeds therefrom, as if such
transactions had occurred as of June 30, 1995.
(2) Estimate of percent of lease payment that is interest.
EBITDA TO CASH INTEREST EXPENSE
PRO FORMA DATA
FOR THE
TWELVE MONTHS ENDED
JUNE 30, 1996(1)
---------------------
(DOLLARS IN THOUSANDS)
EBITDA............................................. $40,797
Cash Interest Expense.............................. 12,233
Ratio.............................................. 3.34x
- --------
(1) Adjusted to give effect to the issuance of the Senior Subordinated Notes
due 2006 and the application of the net proceeds therefrom, as if such
transactions had occurred as of June 30, 1995.
TOTAL DEBT TO EBITDA
PRO FORMA DATA
AS OF
JUNE 30, 1996(1)
----------------
(DOLLARS IN THOUSANDS)
Current portion of long-term debt.................. $ 1,433
========
Long-term debt, less current portion
Credit facility.................................. $ 17,190
Senior Subordinated Notes due 2006............... 100,000
Other long-term debt............................. 3,965
--------
$121,155
========
Total debt..................................... $122,588
========
PRO FORMA DATA
FOR THE
TWELVE MONTHS
ENDED JUNE 30,
1996(1)
--------------
(DOLLARS IN THOUSANDS)
EBITDA............................................. $40,797
Ratio.............................................. 3.00x
- --------
(1) Adjusted to give effect to the issuance of the Senior Subordinated Notes
due 2006 and the application of the net proceeds therefrom, as if such
transactions had occurred as of June 30, 1995.