STATEMENT OF COMPUTATION OF RATIOS
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CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands, except ratios)
PRO
HISTORICAL FORMA
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1992 1993 1994 1995 1996 1996
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Income before income taxes $ 2,511 $ 1,405 $ 4,138 $ 4,565 $ 13,218 $ 6,651
Fixed charges:
Interest expense 1,900 2,097 2,410 2,883 2,346 8,613
Amortization of deferred financing costs -- -- -- -- -- 300
One third of rental cost 438 471 482 490 383 383
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Total fixed charges - (A) 2,338 2,568 2,892 3,373 2,729 9,296
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Income before income taxes plus fixed charges - (B) $ 4,849 $ 3,973 $ 7,030 $ 7,938 $ 15,947 $15,947
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Ratio of earnings to fixed charges = (B) / (A) 2.1 1.5 2.4 2.4 5.8 1.7
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