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EXHIBIT 12: STATEMENTS REGARDING COMPUTATION OF RATIOS
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RATIO OF EARNINGS TO FIXED CHARGES
NINE MONTHS
ENDED
1995 1996 1997 1998 1999 9/30/2000
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EARNINGS:
PLUS:
a) Pre-tax income from continuing
operations before adjustment for
minority interest and earnings from
equity investees 36,327,000 43,830,000 46,685,000 37,516,000 50,921,000 42,057,000
b) fixed charges 14,195,000 13,942,000 14,123,000 14,707,000 15,460,000 19,886,000
c) amortization of capitalized interest - - - - - -
d) distributed income of equity investees - - - - - 3,133,000
e) share of loses of equity investees for
which charges arising from guarantees
are included in fixed charges - - - - - -
LESS:
a) Interest capitalized - - - - 1,049,000 655,000
b) preference security dividend requirements
of consolidated subsidiaries - - - - - -
c) minority interest in pre-tax income of subs
that have not incurred fixed charges - - - - - 10,276,000
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(A) EARNINGS = 50,522,000 57,772,000 60,808,000 52,223,000 65,332,000 54,145,000
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FIXED CHARGES:
a) interest expensed and capitalized 13,995,598 13,713,177 13,894,177 14,491,036 15,289,326 19,761,591
b) amoritzed premiums, discounts and
capitalized expenses related to indebtedness 199,402 228,823 228,823 215,964 170,674 124,409
c) estimate of interest within rental expense - - - - - -
d) preference security dividend requirements - - - - - -
of consolidated subsidiaries
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(B) FIXED CHARGES = 14,195,000 13,942,000 14,123,000 14,707,000 15,460,000 19,886,000
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PREFERENCE SECURITY DIVIDEND:
a) dividend requirement N/A N/A N/A N/A N/A 37,000
b) effective tax rate
0.35
(C) Pre-tax Earnings needed to
cover dividend requirement N/A N/A N/A N/A N/A 56,923
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RATIO OF EARNINGS TO FIXED CHARGES:
3.56 4.14 4.31 3.55 4.23 2.72
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RATIO OF EARNINGS TO FIXED CHARGES AND
PREFERENCE DIVIDEND: N/A N/A N/A N/A N/A 2.71
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