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, ------------------------------------------------------------------- 1998 1997 1998 1997 -------------- -------------- -------------- ------------- Net income before extraordinary item $13,807 $23,309 $66,071 $55,099 Add: Portion of rents representative of the interest factor 155 111 401 301 Interest on indebtedness 27,224 19,346 75,784 58,265 ============== ============== ============== ============= Earnings $41,186 $42,766 $142,256 $113,665 ============== ============== ============== ============= Fixed charges and preferred stock dividend: Interest on indebtedness $27,224 $19,346 $75,784 $58,265 Capitalized interest 910 852 2,223 2,082 Portion of rents representative of the interest factor 155 111 401 301 -------------- -------------- -------------- ------------- Fixed charges 28,289 20,309 78,408 60,648 -------------- -------------- -------------- ------------- Add: Preferred stock dividend 5,650 5,653 16,953 11,692 -------------- -------------- -------------- ------------- Combined fixed charges and preferred stock dividend $33,939 $25,962 $95,361 $72,340 ============== ============== ============== ============= Ratio of earnings to fixed charges 1.46 x 2.11 x 1.81 x 1.87 x Ratio of earnings to combined fixed charges and preferred stock dividend 1.21 1.65 1.49 1.57