EXHIBIT 12

                   RATIO OF EARNINGS TO COMBINED FIXED CHARGES
                        AND PREFERRED STOCK DIVIDENDS (1)

    The  ratio of  earnings  to  combined  fixed  charges  and  preferred  stock
dividends are as follows:




                                                           Year Ended December 31,
                                                           -----------------------
                                                  1999     1998     1997     1996     1995
                                                  ----     ----     ----     ----     ----
                                                                       
 Ratio of Earnings to Combined Fixed Charges
  and Preferred Stock Dividends (1) ...........  1.77X    2.04X    2.48X    2.66X    2.92X


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(1) For purposes of calculating  the ratio of earnings to combined fixed charges
    and preferred stock dividends, net earnings (before non-recurring items) has
    been  added to fixed  charges,  and that sum has been  divided by such fixed
    charges.  Fixed  charges  consist of interest  expense and  amortization  of
    deferred financing costs, and for each of the three years ended December 31,
    1997,  1998 and 1999,  cumulative  preferred  stock  dividends  are included
    starting as of the dates of issuance  of the Series A  Cumulative  Preferred
    Stock and Series B Cumulative Preferred Stock.