EXHIBIT 12
THREE MONTHS
YEARS ENDED DECEMBER 31 ENDED MARCH 31,
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1994 1995 1996 1997 1998 1998 1999
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INCOME AVAILABLE FOR FIXED CHARGES
Income (loss) before income taxes and
minority interest........................... $15,893 $13,390 $(41,358) $(34,649) $33,906 $ 2,169 $11,364
Fixed charges................................ 10,587 19,560 41,485 60,216 62,312 15,809 15,040
Less capitalized interest.................... (1,665) (3,203) (3,033) (8,391) (1,086) (578) --
Less minority partner preferred equity
return...................................... -- -- (1,542) (2,307) (2,360) (594) (561)
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Income (loss) available for fixed
charges.................................. $24,815 $29,747 $ (4,448) $ 14,869 $92,772 $16,806 $25,843
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FIXED CHARGES
Interest expense............................. $ 8,182 $14,708 $ 34,842 $ 47,116 $57,487 $14,292 $14,134
Minority partner preferred equity return..... -- -- 1,542 2,307 2,360 594 561
Capitalized interest......................... 1,665 3,203 3,033 8,391 1,086 578 --
Interest portion of rent expense............. 740 1,649 2,068 2,402 1,379 345 345
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Total fixed charges........................ $10,587 $19,560 $ 41,485 $ 60,216 $62,312 $15,809 $15,040
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Ratio of earnings to fixed charges........... 2.3x 1.5x (a) (a) 1.5x 1.1x 1.7x
PRO FORMA
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YEAR ENDED THREE MONTHS
DECEMBER 31, ENDED
1998 MARCH 31, 1999
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INCOME AVAILABLE FOR FIXED CHARGES
Income (loss) before income taxes and
minority interest........................... $45,037 $14,147
Fixed charges................................ 51,181 12,257
Less capitalized interest.................... (1,086) --
Less minority partner preferred equity
return...................................... (2,360) (561)
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Income (loss) available for fixed
charges.................................. $92,772 $25,843
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FIXED CHARGES
Interest expense............................. $46,356 $11,351
Minority partner preferred equity return..... 2,360 561
Capitalized interest......................... 1,086 --
Interest portion of rent expense............. 1,379 345
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Total fixed charges........................ $51,181 $12,257
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Ratio of earnings to fixed charges........... 1.8x 2.1x
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(a) The Company's earnings were inadequate to cover fixed charges for the years
ended 1996 and 1997 by approximately $45.9 million and $45.3 million,
respectively.