EXHIBIT 12

                   Ratio of Earnings to Fixed Charges
 
    
 
                                  Sept-98   1997     1996     1995    1994
                                 --------  -------  -------  ------  ------
                                                       
Pretax net income                 35,918   23,510    4,942     796     554
Plus fixed charges                17,970   15,510    6,915   5,676   3,137
Less gain on sale                (10,737)    (451)       -       -       -
Less preferred stock dividend          -        -      (58)   (591)   (283)
Less capitalized interest         (3,447)  (1,896)    (381)   (285)   (216)
                                 -------   ------   ------   -----   -----
Earnings                          39,704   36,673   11,418   5,596   3,192
 
 
Preferred stock dividend               -        -       58     591     283
Interest expense                  14,523   13,614    6,476   4,800   2,638
Capitalized interest               3,447    1,896      381     285     216
                                 -------   ------   ------   -----   -----
Total fixed charges               17,970   15,510    6,915   5,676   3,137
 
Ratio                                2.2      2.4      1.7     1.0     1.0