EXHIBIT 12
RATIOS OF EARNINGS TO FIXED CHARGES
1997 1996 1995 1994 1993
(amounts in thousands)
Earnings (loss) from
continuing operations $29,456 $18,733 $11,707 $(2,256) $11,975
Add provision for income taxes 20,415 12,986 8,126 (1,493) 7,718
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49,871 31,719 19,833 (3,749) 19,693
Fixed Charges:
Interest 29,024 20,405 14,635 12,031 8,596
Interest factor portion
of rentals 5,981 3,993 3,266 2,851 2,345
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Total fixed charges 35,005 24,398 17,901 14,882 10,941
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Earnings before income taxes
and fixed charges $84,876 $56,117 $37,734 $11,133 $30,634
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Ratio of earnings to fixed charges 2.42 2.30 2.11 0.75 2.80
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For the fiscal year ended December 31, 1994, earnings were insufficient to cover
fixed charges by $3.8 million; for such fiscal year the Company incurred
non-recurring charges of $7.1 million; exclusive of such charges, the ratio of
earnings to fixed charges was 1.23.