EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months
Ended March 31 Years Ended December 31,
------------------------------------------------------------------------------
1997 1996 1995 1994 1993 1992
------------------------------------------------------------------------------
Income (loss) before
income taxes and after
minority interest 176,777 1,729,938
========== ==========
$ 77,447 $1,986,488 $1,976,231 $1,225,874
Add fixed charges:
Interest expense 463,585 1,975,110 1,265,227 666,141 599,238 643,023
========== ==========
Amortization of debt
service 13,900 72,100 100,200 140,600 93,150 185,209
==========
Rental expense 36,917 147,667 163,333 149,667 105,333 46,000
==========
------------------------------------------------------------------------------
Total fixed charges 514,402 2,194,877 1,528,760 956,408 797,721 874,232
========== ==========
------------------------------------------------------------------------------
Income (loss) as adjusted $ 691,179 $3,924,815 $1,606,207 $2,942,896 $2,773,952 $2,100,106
========== ==========
------------------------------------------------------------------------------
Fixed charges in
excess of earnings
Ratio of earnings 1.34 1.79 1.05 3.08 3.48 2.40
to fixed charge ==== ====