1
EXHIBIT 12
QUARTER QUARTER
ENDED ENDED
MAR. 31, MAR. 31,
2000 1999
------- --------
$ in 000's
RATIO OF EARNINGS TO FIXED CHARGES
Income before income taxes and extraordinary item $21,303 $(11,950)
Interest 20,864 19,890
Bond discount amortization(a) -- --
Loan cost amortization 909 769
------- --------
Earnings $43,076 $ 8,709
Interest expense $20,864 $ 19,890
Capitalized interest 690 1,050
Bond discount amortization(a) -- --
Loan cost amortization 909 769
------- --------
Fixed Charges $22,463 $ 21,709
Preferred Stock Dividends $ 4,042 $ 4,026
Fixed Charges and Preferred Stock Dividends $26,505 $ 25,735
Ratio 1.63 0.34
(A) Bond discount excluded since its included in interest expense
Insufficient coverage $ -- $17,026
Page 1