Exhibit 12
Calculation of Earnings to Fixed Charges
Year Ended December 31,
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1996 1995 1994 1993 1992
Pre-tax income from
continuing operations $27,963,646 $26,103,300 $23,122,200 $22,506,200 $20,429,300
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Adjustments for fixed charges:
Interest expense 5,356,016 2,169,800 614,200 61,500 454,400
Amortization of debt service costs 118,076 15,200 0 0 8,500
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5,474,092 2,185,000 614,200 61,500 462,900
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Earnings as adjusted $33,437,738 $28,288,300 $23,736,400 $22,567,700 $20,892,200
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Ratio of earnings to fixed charges:
Earnings as adjusted (A) 33,437,738 28,288,300 23,736,400 22,567,700 20,892,200
Fixed charges (B) 5,474,092 2,185,000 614,200 61,500 162,900
Ratio of (A) to (B) 6.11 12.95 38.65 366.95 45.13