EXHIBIT 12.1
STATEMENT OF COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
The following table sets forth the ratio of earnings to fixed charges
for the Company for each of the years in the five-year period ended December 31,
1996.
The ratio of earnings to fixed charges has been computed by dividing
earnings by fixed charges. Earnings consist of income before income taxes plus
fixed charges. Fixed charges consist of interest on all indebtedness and the
portion of rental expense considered to be representative of interest.
Year Ended December 31,
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1996 1995 1994 1993 1992
---------- -------- ------- ------- -------
(Dollars in thousands)
Earnings $273,357 $180,389 $98,462 $71,429 $58,552
-------- -------- ------- ------- -------
Interest expense 124,076 93,985 43,059 29,184 31,504
Rent expense(1) 4,741 3,371 2,376 1,672 1,448
-------- -------- ------- ------- -------
Total fixed charges $128,817 $ 97,356 $45,435 $30,856 $32,952
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Ratio 2.12x 1.85x 2.17x 2.31x 1.78x
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(1) Rent expense reflects one-third of the Company's total rent expense.