1 EXHIBIT 12 RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS The ratios of earnings to fixed charges are as follows: QUARTER ENDED MARCH 31 YEAR ENDED DECEMBER 31 AUGUST 14, 1992 ------------- ----------------------------- (INCEPTION) TO 1997 1996 1996 1995 1994 1993 DECEMBER 31, 1992(1) ----- ----- ----- ----- ----- ----- -------------------- Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends(2)...................... 2.88x 2.77x 2.66x 2.92x 2.69x 3.51x 15.45x - --------------- (1) Operations of the Company commenced on August 14, 1992. (2) For purposes of calculating the ratio of earnings to combined fixed charges and preferred stock dividends, net earnings (before extraordinary charge from prepayment of debt in 1995) has been added to fixed charges and that sum has been divided by such fixed charges. Fixed charges consist of interest expense and amortization of deferred financing costs. There are no preferred stock dividends as no shares of preferred stock were outstanding for the periods presented. S-10