EXHIBIT 12 Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends Years ended December 31, 1993 1994 1995 1996 1997 ------------------------------------------------------------------------- Net income before extraordinary item $11,197 $19,226 $33,127 $38,014 $70,199 Add: Portion of rents representative of the interest factor 143 177 201 257 412 Interest on indebtedness 17,237 28,521 40,646 50,843 79,004 Adoption of SFAS No. 112 "Employers' Accounting for Postemployment Benefits" -- 450 -- -- -- ------------------------------------------------------------------------- Earnings $28,577 $48,374 $73,974 $89,114 $149,615 ========================================================================= Fixed charges and preferred stock dividend: Interest on indebtedness $17,237 $28,521 $40,646 $50,843 $79,004 Capitalized interest -- -- 40 541 2,634 Portion of rents representative of the interest factor 143 177 201 257 412 ------------------------------------------------------------------------- Fixed charges 17,380 28,698 40,887 51,641 82,050 ------------------------------------------------------------------------- Add: Preferred stock dividend -- -- 6,637 9,713 17,345 ------------------------------------------------------------------------- Combined fixed charges and preferred stock dividend $17,380 $28,698 $47,524 $61,354 $99,395 ========================================================================= Ratio of earnings to fixed charges 1.64x 1.69x 1.81x 1.73x 1.82x Ratio of earnings to combined fixed charges and preferred stock dividend 1.64 1.69 1.56 1.45 1.51