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