1 EXHIBIT 12 Computation of Ratios of Earnings to Fixed Charges (dollars in thousands) Three-Month Period Ended Year Ended December 31, March 31, - ------------------------------------------------------------------------------------------------- 1990 1991 1992 1993 1994 1995 - ------------------------------------------------------------------------------------------------- Net Income $28,982 $34,225 $ 51,358 $ 63,636 $ 80,460 $24,183 Interest Expense 43,494 56,886 58,159 62,193 67,479 18,474 ------- ------- -------- -------- -------- ------- Total $72,476 $91,111 $109,517 $125,829 $147,939 42,657 ======= ======= ======== ======== ======== ======= Ratio 1.67 1.60 1.88 2.02 2.19 2.31 For purposes of calculating the ratio of earnings to fixed charges for the years ended December 31, 1990, 1991, 1992, 1993 and 1994 and the three-month period ended March 31, 1995, net income has been added to interest expense and that sum has been divided by such interest expense.