<PAGE> 1
EXHIBIT 12
COMPUTATION OF RATIOS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
10/28/95 4/1/95-
3/31/00 3/31/99 3/31/98 3/31/97 3/31/96 10/27/95
------- ------- ------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
Income (loss) before income taxes $ 16,822 $ 6,106 $10,324 $2,614 $ 617 ($2,822)
ADD:
Portions of rents representative
of interest factor 1,666 1,428 1,736 440 54 73
Interest on indebtedness 31,350 20,903 10,710 3,388 1,096 1,048
-------- ------- ------- ------ ------ --------
49,838 $28,437 $22,770 $6,442 $1,767 ($1,701)
======== ======= ======= ====== ====== ========
FIXED CHARGES
Portions of rents representative
of interest factor 1,666 1,428 1,736 440 54 73
Interest on indebtedness 31,350 20,903 10,710 3,388 1,096 1,048
-------- ------- ------- ------ ------ --------
33,016 $22,331 $12,446 $3,828 $1,150 $ 1,121
======== ======= ======= ====== ====== ========
Ratio of earnings to Fixed Charges 1.5 1.3 1.8 1.7 1.5
======== ======= ======= ====== ======
Deficiency of Earnings over fixed
Charges ($2,822)
=======
</TABLE>