Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)
(In Thousands, except ratio)
1998 1997 1996 1995 1994
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EARNINGS
Pre-tax income (loss) $55,069 $25,153 $(191,394) $34,913 $65,380
Fixed charges 15,865 16,683 17,913 19,594 13,911
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Total(a) $70,934 $41,836 $(173,481) $54,507 $79,291
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FIXED CHARGES
Interest expense and amortization of
debt discount and premium on all
indebtedness $15,009 $15,768 $ 17,052 $18,734 $13,051
Interest portion of rental expense 856 915 861 860 860
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Total fixed charges (b) $15,865 $16,683 $ 17,913 $19,594 $13,911
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Ratio of earnings to fixed
charges(a)/(b) 4.5x 2.5x (2) 2.8x 5.7x
(1) For purposes of determining this ratio, earnings (loss) consist of income
before income taxes and extraordinary loss (1997), plus fixed charges.
Fixed charges consist of interest expense and the portion of operating
leases that management believes are representative of the interest factor.
(2) Earnings were insufficient to cover fixed charges by $191.4 million in
1996.