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Exhibit 12 - Calculation of Earnings to Fixed Charges:
Three Months
Ended
March 31, Year Ended December 31,
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1996 1995 1994 1993 1992 1991
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Pre-tax income from
continuing operations $6,952,400 $26,103,300 $23,122,200 $22,506,200 $20,429,300 $18,386,400
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Adjustments for fixed charges:
Interest expense 654,200 2,169,800 614,200 61,500 454,400 1,080,100
Amortization of debt service costs 5,500 15,200 0 0 8,500 5,400
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659,700 2,185,000 614,200 61,500 462,900 1,085,500
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Earnings as adjusted $7,612,100 $28,288,300 $23,736,400 $22,567,700 $20,892,200 $19,471,900
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Ratio of earnings to fixed charges:
Earnings as adjusted (A) 7,612,100 28,288,300 23,736,400 22,567,700 20,892,200 19,471,900
Fixed charges (B) 659,700 2,185,000 614,200 61,500 462,900 1,085,500
Ratio of (A) to (B) 11.54 12.95 38.65 366.95 45.13 17.94