1 EXHIBIT 12 Computation of Ratios of Earnings to Fixed Charges (dollars in thousands) Three Months Ended Year Ended December 31, March 31, - ---------------------------------------------------------------------------- 1991 1992 1993 1994 1995 1996 - ---------------------------------------------------------------------------- Net Income $ 34,225 $ 51,358 $ 63,636 $ 80,460 $ 86,518 $ 35,533 Interest Expense 56,886 58,159 62,193 67,479 64,163 16,105 -------- -------- -------- -------- -------- -------- Total $ 91,111 $109,517 $125,829 $147,939 $150,681 $ 51,638 ======== ======== ======== ======== ======== ======== Ratio 1.60 1.88 2.02 2.19 2.35 3.21 For purposes of calculating the ratio of earnings to fixed charges for the years ended December 31, 1991, 1992, 1993, 1994 and 1995, and the three-month period ended March 31, 1996, net income has been added to interest expense and that sum has been divided by such interest expense. II-4