1
Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
Pro forma
12 mos.
9/30/92 9/30/93 12/31/93 12/31/94 12/31/95 12/31/96 6/30/96 6/30/97 8/30/97
-------------------------------------------------------------------------------------
Earnings to fixed charges 6.114 5.649 5.640 2.690 3.103 1.650 1.845 1.897 1.5637
=====================================================================================
Fixed charges:
Interest expenses 1,192 750 30 3,379 3,958 8,303 3,513 5,885 14,261
Interest capitalized - 629 234 227 1,850 2,313 1,031 1,804 944
Interest component of rent
expense 30 34 12 205 140 221 85 179 316
-------------------------------------------------------------------------------------
Total fixed charges 1,222 1,413 276 3,811 5,948 10,837 4,629 7,868 15,521
=====================================================================================
Earnings:
Income before income taxes 6,247 7,199 1,500 6,646 14,331 9,287 4,925 8,828 9,603
Add back fixed charges, less
interest capitalized during
the period 1,222 784 42 3,584 4,098 8,524 3,598 6,604 14,577
Add current period
amortization of cap
interest - - 16 22 28 75 19 34 90
Total earnings -------------------------------------------------------------------------------------
7,469 7,983 1,558 10,252 18,457 17,887 8,542 14,926 24,270
=====================================================================================
Interest component of rent expense:
Rent expenses 89 103 37 616 420 664 254 537 947
Portion assumed to
represent interest (per
AA LLP) 0.33 0.33 0.33 0.33 0.33 0.33 0.33 0.33 0.33
-------------------------------------------------------------------------------------
Interest component of rents 30 34 12 205 140 221 85 179 316
=====================================================================================
Amortization of capitalized interest:
Interest capitalized 0 629 234 227 1,850 2,313 1,031 1,804
Assumed depreciation
(Cumulative capitalized
interest/39 years) 0 16.13 22.13 27.95 75.38 18.85 33.67 90.21
=====================================================================================
____________________________________________________________________________________________________________________________________
(I) (II) (III) (I)-(II)+(III)
12 MOS 8 MOS 6 MOS 12 MOS
12/31/96 6/30/96 6/30/97 6/30/97
------------------------------------------------
CALCULATION OF PRO FORMA INCOME BEFORE TAXES:
INCOME BEFORE TAXES 9,287 4,926 8,828 13,189
ADD ACTUAL INTEREST EXPENSE 8,303 3,513 5,885 10,675
LESS PRO FORMA INTEREST EXPENSE (14,261)
PRO FORMA INCOME BEFORE TAXES ---------
9,603
=========