EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended Three Months Ended
June 30 June 30 June 30 June 30
2003 2002 2003 2002
-------- -------- -------- --------
(Thousands of Dollars, except ratio amounts)
Income before income taxes,
extraordinary item and cumulative
effect of accounting changes $25,433 $22,361 $ 6,535 $ 7,891
Amortization of capitalized interest 1,396 1,450 697 729
Interest expense 23,275 15,924 13,114 7,889
Interest portion of rental expense 627 749 313 66
-------- -------- -------- --------
Earnings $50,731 $40,484 $20,659 $16,575
======== ======== ======== ========
Interest $22,992 $16,107 $13,158 $ 7,944
Interest portion of rental expense 627 749 313 66
-------- -------- -------- --------
Fixed Charges $23,619 $16,856 $13,471 $ 8,010
======== ======== ======== ========
Ratio of Earnings to Fixed Charges 2.15 2.40 1.53 2.07
======== ======== ======== ========