1 EXHIBIT 12 Computation of Ratios of Earnings to Fixed Charges (dollars in thousands) Six-Month Period Ended Year Ended December 31, June 30, - ----------------------------------------------------------------------------------------------------------------- 1990 1991 1992 1993 1994 1995 - ----------------------------------------------------------------------------------------------------------------- Net Income $28,982 $34,225 $ 51,358 $ 63,636 $ 80,460 $55,112 Interest Expense 43,494 56,886 58,159 62,193 67,479 33,724 ------- ------- -------- -------- -------- ------- Total $72,476 $91,111 $109,517 $125,829 $147,939 $88,836 ======= ======= ======== ======== ======== ======= Ratio 1.67 1.60 1.88 2.02 2.19 2.63 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 six-month period ended June 30, 1995, net income has been added to interest expense and that sum has been divided by such interest expense.