EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGE:
THREE MONTHS ENDED THREE MONTHS ENDED
MARCH 31, 1998 MARCH 31, 1997
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Income (Loss) before provision for income taxes $3,074 $ 825
Add fixed charges
Interest costs including amortization of debt
issuance cost 268 162
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Earnings $3,342 $ 987
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Fixed Charges
Interest expense including amortization of debt
issuance cost 268 162
Capitalized interest 946 1,338
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Total Fixed Charges 1,214 1,500
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Ratio of Earnings to Fixed Charges 2.75 .66
Excess (Deficiency) of Earnings to Cover Fixed Charges $2,128 $ (513)
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