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                                  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.