EXHIBIT 12.1
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
-------------------------------------------------
Year ended December 31, 3 months to March 31,
--------------------------------------------------------------- --------------------------
1993 1994 1995 1996 1997 1997 1998
--------------------------------------------------------------- --------------------------
Interest portion of rental expense (1) 678 900 752 1,266 1,366 341 374
--------------------------------------------------------------- --------------------------
Amortisation of deferred debt issuance
costs 118 438 503 121 156
--------------------------------------------------------------- --------------------------
Interest on indebtedness 221 9,411 10,750 12,710 3,186 3,922
--------------------------------------------------------------- --------------------------
678 1,121 10,281 12,454 14,579 3,648 4,452
=============================================================== ==========================
Earnings before tax, discontinued 81,869 50,737 62,433 82,668 91,049 23,482 30,052
operations and minority interests
--------------------------------------------------------------- --------------------------
Fixed Charges 678 1,121 10,281 12,454 14,579 3,648 4,452
--------------------------------------------------------------- --------------------------
Earnings from continuing operations 82,547 51,858 72,714 95,122 105,628 27,130 34,504
before income taxes and fixed charges
=============================================================== ==========================
Ratio of earnings to fixed charges N/M N/M 7.07 7.64 7.25 7.44 7.75
(1) Represents 1/3 of rental expense which the Company's management believes to
be representative of the interest portion.