EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
PRO FORMA
-----------------------------
NINE MONTHS
NINE MONTHS YEAR ENDED ENDED
YEARS ENDED DECEMBER 31, ENDED SEPTEMBER 30, DECEMBER 31, SEPTEMBER 30,
------------------------------------------------------------------------- -------------- ------------
1992 1993 1994 1995 1996 1996 1997 1996 1997
--------- ---------- ---------- --------- --------- --------- -------- -------------- ------------
(DOLLARS IN THOUSANDS) (UNAUDITED)
(UNAUDITED)
EARNINGS
INCOME BEFORE INCOME
TAXES,
EXTRAORDINARY CHARGE,
CUMULATIVE EFFECT OF
ACCOUNTING CHANGES AND
DISCONTINUED OPERATIONS... $(9,589) $(2,419) $(4,567) $22,269 $19,423 $19,348 $1,804 $ 5,346 $(7,470)
INTEREST EXPENSE, NET
OF CAPITALIZED INTEREST... 7,716 6,345 6,194 5,986 5,398 4,059 3,592 20,303 14,799
PORTION OF RENTS
REPRESENTATIVE OF
INTEREST FACTOR........... 0 3 3 2 2 2 1 2 1
AMORTIZATION OF
CAPITALIZED INTEREST...... 0 45 67 67 67 50 50 67 50
--------- ---------- ---------- --------- --------- --------- -------- -------------- -------------
TOTAL EARNINGS............ $(1,873) $ 3,974 $ 1,697 $28,324 $24,890 $23,459 $5,447 $25,718 $ 7,380
========= ========== ========== ========= ========= ========= ======== ============== =============
FIXED CHARGES
INTEREST EXPENSES
(BEFORE DEDUCTING
CAPITALIZED INTEREST)..... 7,716 7,282 6,714 6,053 5,465 4,109 3,642 20,370 14,849
PORTION OF RENTS
REPRESENTATIVE OF
INTEREST FACTOR........... 0 3 3 2 2 2 1 2 1
--------- ---------- ---------- --------- --------- --------- -------- -------------- -------------
TOTAL FIXED CHARGES....... $ 7,716 $ 7,285 $ 6,717 $ 6,055 $ 5,467 $ 4,111 $3,643 $20,372 $14,850
========= ========== ========== ========= ========= ========= ======== ============== =============
RATIO OF EARNINGS
TO FIXED CHARGES ......... (.243) .546 .253 4.678 4.553 5.706 1.495 1.262 .497
========= ========== ========== ========= ========= ========= ======== ============== =============