1 EXHIBIT 12 3 Months 3 Months 6 Months 6 Months Ended Ended Ended Ended June 30, June 30, June 30, June 30, 1999 1998 1999 1998 ------ -------- ------ -------- (in 000's, except ratios) RATIO OF EARNINGS TO FIXED CHARGES Income before income taxes and extraordinary item 8,473 (234,739) (3,477) (491,239) Interest 20,259 18,665 40,149 29,353 Preferred Stock Dividends 4,025 4,025 8,051 4,025 Bond discount amortization (a) -- -- -- -- Loan cost amortization 832 606 1,601 1,002 ------ -------- ------ -------- Earnings 33,589 (211,443) 46,324 (456,859) Interest expense 20,259 18,665 40,149 29,353 Capitalized interest 967 1,569 2,017 3,821 Preferred Stock Dividends 4,025 4,025 8,051 4,025 Bond discount amortization (a) -- -- -- -- Loan cost amortization 832 606 1,601 1,002 ------ -------- ------ -------- Fixed Charges 26,083 24,865 51,818 38,201 Ratio 1.29 (8.50) 0.89 (11.96) (A) Bond discount excluded since its included in interest expense Insufficient coverage -- 236,308 5,494 495,060