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<PAGE>
EXHIBIT 12
<TABLE>
<CAPTION>
Three months ended September 30, Nine months ended September 30,
2000 1999 2000 1999
------------- ------------- ------------- -------------
(restated) (restated)
<S> <C> <C> <C> <C>
Fixed Charges:
Interest Expense (including
amortization of deferred debt cost) $10,126 $ 7,705 $28,575 $21,136
Interest Capitalized 1,934 1,928 7,714 4,884
------- -------- ------- -------
Total Fixed Charges $12,060 $ 9,633 $36,389 $26,020
======= ======== ======= =======
Earnings:
Net (loss) before income tax benefit,
net gain (loss) on real estate sales
extraordinary items and
cumulative effect of change in
accounting principle $ 8,202 $12,318 $24,335 $36,349
Fixed Charges 12,060 9,633 36,289 26,020
Capitalized Interest (1,934) (1,928) (7,714) (4,884)
------- ------- ------- -------
Total Earnings $18,328 $20,023 $52,910 $57,485
======= ======= ======= =======
Ratio of Earnings to Fixed Charges 1.52 2.08 1.46 2.21
</TABLE>
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