EXHIBIT 12 RATIO OF EARNINGS TO FIXED CHARGES: 3 MOS. ENDED DECEMBER 31, -------------------- COMPUTATION OF HISTORICAL RATIOS: 1993 1994 1995 1996 1997 1996 1997 --------- --------- --------- --------- --------- --------- --------- Earnings-- EBIT.............................. 19,664 27,401 18,920 30,193 18,194 4,389 2,958 Fixed charges..................... 6,776 11,657 15,472 15,516 17,078 3,528 4,937 Less: interest capitalized........ (6,553) (11,306) (14,737) (14,176) (16,159) (3,181) (4,615) Add: interest amortized to COS.... 3,049 9,768 13,268 15,134 14,857 2,740 3,047 --------- --------- --------- --------- --------- --------- --------- Earnings available for fixed charges......................... 22,936 37,520 32,923 46,667 33,970 7,476 6,327 --------- --------- --------- --------- --------- --------- --------- Fixed charges-- Interest incurred and capitalized..................... 6,553 11,306 14,737 14,176 16,159 3,181 4,615 Interest expense.................. -- -- -- -- -- Portion of rents representative of interest........................ 223 351 735 1,340 919 347 322 --------- --------- --------- --------- --------- --------- --------- Total fixed charges............... 6,776 11,657 15,472 15,516 17,078 3,528 4,937 --------- --------- --------- --------- --------- --------- --------- Ratio of earnings to fixed charges............................ 3.38 3.22 2.13 3.01 1.99 2.12 1.28 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- ---------