1 EXHIBIT 12 Computation of Ratios of Earnings to Fixed Charges (dollars in thousands) Nine Months Year Ended December 31, Ended September 30, - ------------------------------------------------------------------------------------ 1989 1990 1991 1992 1993 1994 - ------------------------------------------------------------------------------------ Net Income $21,515 $28,982 $34,225 $ 51,358 $ 63,636 $ 56,530 Interest Expense 34,614 43,494 56,886 58,159 62,193 50,101 ------- ------- ------- -------- -------- -------- Total $56,129 $72,476 $91,111 $109,517 $125,829 $106,631 ======= ======= ======= ======== ======== ======== Ratio 1.62 1.67 1.60 1.88 2.02 2.13 For purposes of calculating the ratio of earnings to fixed charges for the years ended December 31, 1989, 1990, 1991, 1992 and 1993, and for the nine-month period ended September 30, 1994, net income has been added to interest expense and that sum has been divided by such interest expense.