1
Exhibit 12
RATIOS OF EARNINGS TO FIXED CHARGES
AND COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(In 000's except for ratios)
NINE MONTHS ENDED
SEPTEMBER 30,
--------------------------
1996 1995
--------- ---------
Pre-tax income (loss) from continuing operations $ 81,547 $ 45,570
Total Fixed Charges without Preferred Dividends 24,479 12,673
Interest capitalized during the period (555) (384)
Amortization of interest capitalized 750 646
--------- ---------
Earnings $ 106,221 $ 58,505
========= =========
Fixed Charges:
Interest including amounts capitalized $ 21,050 $ 10,804
Amortization of debt discount and expenses 1,045 481
Interest Element of Rental Expense (1) 2,384 1,388
Preferred Dividends 4,320 5,674
--------- ---------
Total of Fixed Charges and Preferred Dividends $ 28,799 $ 18,346
========= =========
Total of Fixed Charges without Preferred Dividends $ 24,479 $ 12,673
========= =========
Ratio of Earnings to Fixed Charges 4.33 4.61
========= =========
Ratio of Earnings to Combined Fixed Charges and
Preferred Stock Dividends 3.68 3.18
========= =========
Coverage Deficiency in Earnings to cover Fixed
Charges -- --
========= =========
Coverage Deficiency in Earnings to cover combined
Fixed Charges and Preferred Stock Dividends -- --
========= =========
YEAR ENDED DECEMBER 31,
---------------------------------------------------------------------
1995 1994 1993 1992 1991
--------- --------- --------- --------- ---------
Pre-tax income (loss) from continuing operations $ 67,233 $ (17,727) $ (2,174) $ (41,481) $ (27,392)
Total Fixed Charges without Preferred Dividends 18,754 10,575 25,064 35,937 36,121
Interest capitalized during the period (522) (292) (352) (1,400) (1,590)
Amortization of interest capitalized 880 906 866 838 706
--------- --------- --------- --------- ---------
Earnings $ 86,345 $ (6,539) $ 23,404 $ (6,106) $ 7,845
========= ========= ========= ========= =========
Fixed Charges:
Interest including amounts capitalized $ 16,104 $ 8,603 $ 19,645 $ 30,582 $ 26,503
Amortization of debt discount and expenses 700 528 3,684 3,523 7,746
Interest Element of Rental Expense 1,950 1,444 1,735 1,832 1,872
Preferred Dividends 7,608 5,750 2,208 5,227 4,829
--------- --------- --------- --------- ---------
Total of Fixed Charges and Preferred Dividends $ 26,362 $ 16,325 $ 27,272 $ 41,164 $ 40,950
========= ========= ========= ========= =========
Total of Fixed Charges without Preferred Dividends $ 18,754 $ 10,575 $ 25,064 $ 35,937 $ 36,121
========= ========= ========= ========= =========
Ratio of Earnings to Fixed Charges 4.60 N/M N/M N/M N/M
========= ========= ========= ========= =========
Ratio of Earnings to Combined Fixed Charges and
Preferred Stock Dividends 3.27 N/M N/M N/M N/M
========= ========= ========= ========= =========
Coverage Deficiency in Earnings to cover Fixed
Charges -- $ 17,156 $ 1,660 $ 42,043 $ 28,276
========= ========= ========= ========= =========
Coverage Deficiency in Earnings to cover combined
Fixed Charges and Preferred Stock Dividends -- $ 22,906 $ 3,868 $ 47,270 $ 33,105
========= ========= ========= ========= =========
(1) Represents the interest component of rentals estimated as one-third of
rental expense.