EXHIBIT 12
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
Six Months Ended
Year Ended December 31, June 30, Pro Forma Pro Forma
-------------------------------------- ---------------- Year Ended Twelve Months Ended
1993 1994 1995 1996 1997 1997 1998 December 31, 1997 June 30, 1998
---- ---- ---- ---- ---- ---- ---- ----------------- -------------------
(in thousands)
Statement of Operations Data:
Income (loss) before income taxes
and extraordinary loss $1,985 $374 $1,234 $4,829 $11,150 $5,074 $6,349 $221 $343
Add:
Portion of rents representative of
the interest factor 175 346 636 3,408 4,489 1,770 4,874 6,573 6,666
Interest on indebtedness 4,694 4,876 5,721 5,473 6,424 3,245 3,608 18,891 19,267
Amortization of debt issuance costs 355 172 109 103 257 44 108 1,392 1,456
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Income as adjusted 7,209 5,768 7,700 13,813 22,320 10,133 14,939 27,077 27,732
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Fixed charges:
Portion of rents representative of
the interest factor 175 346 636 3,408 4,489 1,770 4,874 6,573 6,666
Interest on indebtedness 4,694 4,876 5,721 5,473 6,424 3,245 3,608 18,891 19,267
Amortization of debt issuance costs 355 172 109 103 257 44 108 1,392 1,456
Preferred stock dividend requirement -- -- -- -- -- -- -- 9,311 9,627
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Fixed charges 5,224 5,394 6,466 8,984 11,170 5,059 8,590 36,166 37,016
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Ratio of earnings to combined
fixed charges 1.4 1.1 1.2 1.5 2.0 2.0 1.7 0.7 0.7
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Deficiency of earnings to combined
fixed charges and preferred
stock dividend -- -- -- -- -- -- -- (9,089) (9,284)