EXHIBIT 12.1

               COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
 
                                                                              Year ended December 31,
                                                                       --------------------------------------
                                                                       1995/2/         1996          1997
                                                                       ----------    -----------  -----------
                                                                                          
Income before provision for income taxes                               $    (575)     $    149     $   4,209 
 Add Fixed charges                               
  Interest expense including amortization of debt
   issuance costs                                                            133             -           930 
                                                                       ----------    -----------  -----------
 Earnings                                                                   (442)          149         5,139   
                                                                       ======================================
 Fixed Charges
  Interest expense including amortization of debt
   issuance costs                                                            133             -           930  
  Capitalized interest                                                       577         2,188         7,412  
                                                                       ----------    -----------  -----------
   Total fixed charges                                                       710     $   2,188         8,342
                                                                       ====================================== 
 Ratio of earnings to fixed charges                                        (0.62)         0.07          0.62

(Deficiency of) Earnings to cover fixed charges                           (1,152)       (2,039)       (3,203)