EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
1998 1997 1996 1995 1994 1993
Earnings 6 Mo. Ended Dec Dec Dec Dec Dec
- -------- June 30
------------ ------------ ------------ ------------ ------------ ------------
Income before taxes 48,073 66,838 86,596 65,235 55,369 55,092
Plus: Fixed Charges 84,306 108,964 61,168 51,127 36,594 24,791
Less: Interest captialized 0 0 0 0 0 0
Less: Pref. Stock Div Requirement -1,149 -1,296 -1,716 -2,653
------------ ------------ ------------ ------------ ------------ ------------
Total Earnings 132,379 175,802 146,615 115,066 90,247 77,230
Fixed Charges
- -------------
Interest on Borrowings 82,086 104,325 55,686 47,042 31,956 19,723
Plus: ESOP Int. Exp 19 55 77 73 84 99
Plus: Amort. of Debt Expense 0 0 0 0 0 0
Plus: Rental Expense 2,201 4,584 4,256 2,716 2,838 2,316
Plus: Preferred Stock Div Req's 1,149 1,296 1,716 2,653
------------ ------------ ------------ ------------ ------------ ------------
Total Fixed Charges 84,306 108,964 61,168 51,127 36,594 24,791
Earnings in Excess (Deficit) of
Fixed Charges 48,073 66,838 85,447 63,939 53,653 52,439
Ratio of Earnings/Fixed Charges 1.57x 1.61x 2.40x 2.25x 2.47x 3.12x