EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES:
3 MOS. ENDED
DECEMBER 31,
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COMPUTATION OF HISTORICAL RATIOS: 1993 1994 1995 1996 1997 1996 1997
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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
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Earnings available for fixed
charges......................... 22,936 37,520 32,923 46,667 33,970 7,476 6,327
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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
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Total fixed charges............... 6,776 11,657 15,472 15,516 17,078 3,528 4,937
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Ratio of earnings to fixed
charges............................ 3.38 3.22 2.13 3.01 1.99 2.12 1.28
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