EXHIBIT 12 Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends (Dollars in thousands) Three Months ended March 31, ------------------------------------------ 1998 1997 ------------------- ------------------- Net income $17,183 $17,113 Add: Portion of rents representative of the interest factor 113 89 Interest on indebtedness 22,825 19,150 =================== =================== Earnings $40,121 $36,352 =================== =================== Fixed charges and preferred stock dividend: Interest on indebtedness $22,825 $19,150 Capitalized interest 536 508 Portion of rents representative of the interest factor 113 89 ------------------- ------------------- Fixed charges 23,474 19,747 ------------------- ------------------- Add: Preferred stock dividend 5,650 2,428 ------------------- ------------------- Combined fixed charges and preferred stock dividend $29,124 $22,175 =================== =================== Ratio of earnings to fixed charges 1.71x 1.84x Ratio of earnings to combined fixed charges and preferred stock dividend 1.38 1.64