EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIO DATA)
Twelve Months Quarter Ended
Years Ended December 31, Ended March 31, March 31,
----------------------------------------------------- --------------- -------------------
1997 1998 1999 2000 2001 2002 2001 2002
-------- -------- -------- -------- -------- -------- -------- --------
Earnings:
Income before taxes and minority
interests ..................... $ 7,676 $ 11,604 $ 17,380 $ 13,539 $ 18,793 $ 22,602 $ 6,397 $ 10,206
Add: fixed charges ............... 6,512 26,313 29,998 29,847 28,355 27,191 7,502 6,338
Deduct: interest capitalized ..... (223) (981) (803) (178)
-------- -------- -------- -------- -------- -------- -------- --------
Earnings, as adjusted ............ $ 14,188 $ 37,917 $ 47,378 $ 43,163 $ 46,167 $ 48,990 $ 13,721 $ 16,544
======== ======== ======== ======== ======== ======== ======== ========
Computation of fixed charges:
Interest, expensed and capitalized $ 4,231 $ 23,779 $ 26,985 $ 26,834 $ 25,205 $ 23,952 $ 6,781 $ 5,528
Interest portion of rent expense . 2,281 2,534 3,013 3,013 3,150 3,239 721 810
-------- -------- -------- -------- -------- -------- -------- --------
Total fixed charges .............. $ 6,512 $ 26,313 $ 29,998 $ 29,847 $ 28,355 $ 27,191 $ 7,502 $ 6,338
======== ======== ======== ======== ======== ======== ======== ========
Ratio of earnings to fixed charges 2.2x 1.4x 1.6x 1.4x 1.6x 1.8x 1.8x 2.6x