Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
Nine Months Ended
September 30, For the year Ended December 31,
2000 1999 1999 1998 1997 1996 1995
(dollars in thousands) (dollars in thousands)
Pre-tax (loss) income before
discontinued operations and
<S> <C> <C> <C> <C> <C> <C> <C>
extraordinary gains $(14,007) $11,854 $7,095 $17,878 $10,813 $10,630 $9,083
Fixed Charges:
Interest expense 2,717 2,751 3,706 4,301 4,091 4,123 4,868
Capitalized interest 0 130 130 0 0 0 0
Interest relating to rental
expense (1) 704 632 867 438 433 542 491
------ ------ ------ ------ ------ ------ ------
Total fixed charges 3,421 3,513 4,703 4,739 4,524 4,665 5,359
Earnings available for fixed
charges $(10,586) $15,367 $11,798 $22,617 $15,337 $15,295 $14,442
Ratio of earnings to fixed charges (3.09x) 4.37x 2.51x 4.77x 3.39x 3.28x 2.69x
</TABLE>
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(1) The representative interest portion of rental expense was deemed to be
one-third of all rental expense.
Earnings were not sufficient to cover fixed charges during the first nine
months of 2000 by $14,007,000; all other periods had sufficient income to cover
charges.
