EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED DIVIDENDS
(in thousands of dollars except ratios)
YEAR ENDED DECEMBER 31,
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1994 1993 1992 1991 1990
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(EXPRESSED IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
EARNINGS COMPUTATION USING
CONSOLIDATED INCOME STATEMENT DATA
Income (loss) before income taxes and
minority interest $16,478 $(3,785) $(46,000) $(5,525) $14,056
Minority interest in income of
majority-owned subsidiaries (4,978) (4,709) (1,182) - -
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Income (loss) before income taxes and
cumulative effects of accounting changes 11,500 (8,494) (47,182) (5,525) 14,056
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Add fixed charges included in income (loss):
Interest expense 7,369 8,406 1,375 2,290 774
Amortization of deferred financing costs 204 1,073 269 269 262
Interest portion of rental expenses (33%) 1,744 468 528 429 396
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Sub-total fixed charges Included in income (loss) 9,317 9,947 2,172 2,988 1,432
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Earnings (loss) $20,817 $ 1,453 $(45,011) $(2,537) $15,488
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Fixed Charges Included in income (loss) $ 9,317 $ 9,947 $ 2,172 $ 2,988 $ 1,432
Capitalized interest 6,353 6,655 8,885 6,000 6,015
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Total fixed charges 15,670 16,602 11,057 8,988 7,447
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Preferred dividends 9,442 7,208 - - -
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Combined fixed charges and
preferred dividends $25,112 $23,810 $ 11,057 $ 8,988 $ 7,447
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Ratio of earnings to fixed charges 1.33 - (1) (1) 2.08
Amount by which fixed charges exceed earnings - $15,149 $ 56,067 $11,525 -
Ratio of earnings to combined fixed charges
and preferred dividends - - (1) (1) 2.08
Amount by which combined fixed charges and
preferred dividends exceed earnings $ 4,295 $22,357 $ 56,067 $11,525 -
<FN>
(1) Earnings were inadequate to cover fixed charges in these periods as a
result of asset writedowns and other non-cash charges.