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EXHIBIT 12
Ratio of earnings to fixed charges



                   RATIO OF EARNINGS TO COMBINED FIXED CHARGES
                          AND PREFERRED STOCK DIVIDENDS


                                                                 PERIOD ENDED
                                                              SEPTEMBER 30, 2000

                       Ratio of earnings to fixed charges           1.04x


For purposes of calculating the ratio of earnings to combined fixed charges and
preferred stock dividends, net earnings has been added to combined fixed charges
and preferred stock dividends, and that sum has been divided by such charges.
Fixed charges consist of the estimated interest component of long-term lease
expense. In April 1998, the Company issued 260,000 shares of 8% Series B
Cumulative Preferred Stock.



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