EXHIBIT 12 HMC ACQUISITION PROPERTIES, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (in thousands, except ratio amounts) 1996 1995 1994 ---------- --------- --------- Income from operations before income taxes ..... $ 20,405 $ 18,338 $ 4,968 Add (deduct): Fixed charges ................................. 33,208 16,778 984 ------ ------ ------ Adjusted earnings .............................. $ 53,613 $ 35,116 $ 5,952 ========= ========= ========= Fixed charges: Interest on indebtedness and amortization of deferred financing costs .............................. $ 32,591 $ 16,266 $ 875 Portion of rents representative of the interest factor 617 512 109 ------ ------ ------ Total fixed charges ........................... $ 33,208 $ 16,778 $ 984 ========= ========= ========= Ratio of earnings to fixed charges ............ 1.6x 2.1x 6.0x ========= ========= =========