Exhibit 12 Calculation of Earnings to Fixed Charges
Year Ended December 31, ----------------------------------------------------------------------- 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 ----------- ----------- ----------- ----------- ----------- 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 ----------- ----------- ----------- ----------- ----------- 5,474,092 2,185,000 614,200 61,500 462,900 ----------- ----------- ----------- ----------- ----------- Earnings as adjusted $33,437,738 $28,288,300 $23,736,400 $22,567,700 $20,892,200 ----------- ----------- ----------- ----------- ----------- 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