EXHIBIT 12
STATEMENT REGARDING COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
The Company's consolidated ratio of earnings to fixed charges for each
of the periods indicated are calculated as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2000 1999 1998 1997 1996 1995
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(dollars, in thousands)
<S> <C> <C> <C> <C> <C> <C>
EARNINGS:
Income before income taxes,
minority interests and
cumulative effect of accounting
change $ 52, 231 $ 169,972 $ 365,051 $ 114,377 $ 91,813 $ 15,919
Add: Fixed charges 27,232 47,316 40,799 26,906 19,128 19,557
---------- ----------- ---------- ---------- --------- ---------
Adjusted Earnings $ 79,463 $ 217,288 $ 405,850 $ 141,283 $110,941 $ 35,476
---------- ----------- ---------- ---------- --------- ---------
FIXED CHARGES:
Portion of rent expense
representative of the interest
factor (deemed to be one-third) $ 14,687 $ 27,391 $ 21,706 $ 16,615 $ 14,332 $ 13,315
Interest Expense 12,054 17,387 19,093 10,291 4,796 6,242
Capitalized Interest 491 2,538 - - - -
Total fixed charges $ 27,232 $ 47,316 40,799 $ 26,906 $ 19,128 19,557
---------- ----------- ---------- ---------- --------- ---------
CONSOLIDATED RATIO OF EARNINGS TO
FIXED CHARGES 2.92 4.59 9.95 5.25 5.80 1.81
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