EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
Ratio of Earnings to Fixed Charges
(Dollars in thousands)
1999 1998 1997 1996 1995
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Earnings:
Pretax income $45,130 $32,779 $33,697 $45,939 $19,384
Interest 28,573 20,506 18,890 13,797 12,111
Interest in Leases 1,548 1,507 1,152 861 1,086
Amortization of Cap Interest 242 190 123 107 63
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$75,493 $54,982 $53,862 $60,704 $32,644
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Fixed charges:
Interest $28,573 $20,506 $18,890 $13,797 $12,111
Capitalized interest 1,032 1,215 118 202 690
Interest in leases 1,548 1,507 1,152 861 1,086
Amortization of Cap Interest 242 190 123 107 63
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$31,395 $23,418 $20,283 $14,967 $13,950
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Ratio: 2.4x 2.3x 2.7x 4.1x 2.3x
67