EXHIBIT 12
Computation of Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividends
(Dollars in thousands)
Three Months ended September 30, Nine Months Ended September 30,
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1997 1996 1997 1996
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Net income before extraordinary item $23,309 $9,818 $55,099 $27,544
Add:
Portion of rents representative
of the interest factor 111 62 301 177
Interest on indebtedness 19,346 13,530 58,265 35,413
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Earnings $42,766 $23,410 $113,665 $63,134
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Fixed charges and preferred stock dividend:
Interest on indebtedness $19,346 $13,530 $58,265 $35,413
Capitalized interest 852 143 2,082 397
Portion of rents representative
of the interest factor 111 62 301 177
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Fixed charges 20,309 13,735 60,648 35,987
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Add:
Preferred stock dividend 5,653 2,428 11,692 7,284
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Combined fixed charges and preferred stock dividend $25,962 $16,163 $72,340 $43,271
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Ratio of earnings to fixed charges 2.11 x 1.70 x 1.87 x 1.75 x
Ratio of earnings to combined fixed charges
and preferred stock dividend 1.65 1.45 1.57 1.46