EXHIBIT 12 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Year Ended December 31, 1993 1992 1991 Income from operations before income taxes $187,109,607 $117,325,703 $ 95,816,499 Add: Interest expense 13,708,078 8,390,870 3,337,659 Amortization of capitalized interest 715,247 715,247 715,247 One-third of rental expense 1,427,271 1,124,600 1,075,076 Earnings $202,960,203 $127,556,420 $100,944,481 Fixed charges: Interest expense 13,708,078 8,390,870 $ 3,337,659 One-third of rental expense 1,427,271 1,124,600 1,075,076 Fixed charges $ 15,135,349 $ 9,515,470 $ 4,412,735 Ratio of earnings to fixed charges 13.41 13.41 22.88 For the purposes of computing these ratios, "earnings" consist of income before income taxes and before fixed charges (excluding interest capitalized, net of amortization); and "fixed charges" represent interest expense on indebtedness (including both amounts expensed and amounts capitalized) plus the portion of rental expense deemed to be the equivalent of interest.