Exhibit 12
Statement Regarding Computation of Ratios
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six months ended Years ended
June 30, December 31,
1997 1996 1996 1995 1994 1993 1992
------------------ --------------------------------------------------------------
Historical:
Earnings:
Income before income taxes
from continuing operations 242,839 (399,764) (1,190,303) (3,481,529) (220,173) 1,174,936 1,383,673
Fixed charges, excluding
capitalized interest -
see below 3,568,057 3,573,824 7,148,307 8,131,628 5,869,521 4,895,594 6,918,559
---------- ---------- ---------- ---------- ---------- ---------- ----------
Earnings 3,810,896 3,174,060 5,958,004 4,650,099 5,649,348 6,070,530 8,302,232
========== ========== ========== ========== ========== ========== ==========
Fixed charges:
Interest expense 3,523,984 3,517,281 7,037,882 8,026,334 5,780,569 4,824,342 6,801,743
Interest factor included in
rentals 44,073 56,543 110,425 105,294 88,952 71,252 116,816
---------- ---------- ---------- ---------- ---------- ---------- ----------
fixed charges 3,568,057 3,573,824 7,148,307 8,131,628 5,869,521 4,895,594 6,918,559
========== ========== ========== ========== ========== ========== ==========
Ratio of earnings to
fixed charges 1.07 0.89 0.83 0.57 0.96 1.24 1.20
========== ========== ========== ========== ========== ========== ==========