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<PAGE>
EXHIBIT 12
Statement re: Computation of Ratio of Earnings to Fixed Charges
<TABLE>
<CAPTION>
Three months ended June 30, Six months ended June 30,
2000 1999 2000 1999
------- ------- ------- -------
(restated) (restated)
<S> <C> <C> <C> <C>
Fixed Charges:
Interest Expense (including
amortization of deferred debt cost) $10,191 $ 6,913 $18,449 $13,431
Interest Capitalized 3,010 1,642 5,780 2,956
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Total Fixed Charges $13,201 $ 8,555 $24,229 $16,387
======= ======= ======= =======
Earnings:
Net (loss) before income tax benefit,
net gain (loss) on real estate sales
extraordinary items and
cumulative effect of change in
accounting principle $ 8,912 $12,099 $16,134 $24,031
Fixed Charges 13,201 8,555 24,229 16,387
Capitalized Interest (3,010) (1,642) (5,780) (2,956)
------- ------- -------- -------
Total Earnings $19,103 $19,012 $ 34,583 $37,462
======= ======= ======== =======
Ratio of Earnings to Fixed Charges 1.45 2.22 1.43 2.29
</TABLE>
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