EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
AT DECEMBER 31, AT SEPTEMBER 30,
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1992 1993 1994 1995 1996 1996 1997
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Pre-Tax earnings............................... $ 50,203 $ 55,519 $ 38,479 $ 69,478 $ 82,572 $ 56,635 $ 70,680
Fixed Charges:
Interest Expense............................... 754 5,235 5,820 5,638 6,182 4,080 5,287
1/3 of rental payments under operating
leases....................................... 0 0 0 0 0 0 0
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Total Fixed Charges............................ 754 5,235 5,820 5,638 6,182 4,080 5,287
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Ratio.......................................... 66.6x 10.6x 6.6x 12.3x 13.4x 13.9x 13.4x
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- - For purposes of calculating the ratio of earnings to fixed charges, "Pre-tax
earnings" consist of income before income taxes and extraordinary items plus
fixed charges.
- - For purposes of calculating the ratio of earnings to fixed charges, "Fixed
Charges" consist of interest expense incurred, capitalized interest,
amortization of debt expense and 1/3 of rental payments under operating
leases (an amount estimated to be the interest component of such rentals).