Exhibit 12



                       RATIO OF EARNINGS TO FIXED CHARGES



      The following table sets forth the Company's ratio of earnings to fixed
charges for periods indicated:




                                  3 Months
                                   ENDED           YEAR ENDED DECEMBER 31,
                                  --------       ---------------------------
                                  3/31/01    2000    1999   1998   1997  1996
                                  -------    ----    ----   ----   ----  ----
                                                       

Ratio of Earnings to
   Fixed Charges                      --     5.27    7.41   5.19   6.06  7.47

Coverage Deficiency           $16.4 million    --      --     --     --    --


      For purposes of computing the ratio of earnings to fixed charges, earnings
are defined as earnings before income taxes plus fixed charges. Fixed charges
consist of interest expense (including capitalized interest) and the portion of
rental expense that is representative of the interest factor (deemed to be
one-third of minimum operating lease rentals). The earnings to fixed charges
calculation reflects the Company's proportionate share of income, expense and
fixed charges attributable to the Company's investment in majority-owned
unconsolidated subsidiaries and joint ventures.