EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended
September 30 Years Ended December 31,
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1996 1995 1994 1993 1992 1991
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Income (loss)
before income taxes
and after minority
interest $1,458,129 $77,447 $1,986,488 $1,976,231 $1,225,874 ($307,051)
Add fixed charges:
Interest expense 1,406,073 1,265,227 666,141 599,238 643,023 473,598
Amortization of debt
service 56,300 100,200 140,600 93,150 185,209 42,839
Rental expense 122,500 163,333 149,667 105,333 46,000
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Total fixed charges 1,584,873 1,528,760 956,408 797,721 874,232 516,437
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Income (loss) as
adjusted $3,043,002 $1,606,207 $2,942,896 $2,773,952 $2,100,106 $209,386
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Fixed charges in
excess of earnings $307,051
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Ratio of earnings to 1.92 1.05 3.08 3.48 2.40
fixed charges