Exhibit 12 - Calculation of Earnings to Fixed Charges:
Three Months Ended March 31, Year Ended December 31, ------------ ------------------------------------------------------------------ 1996 1995 1994 1993 1992 1991 ------------ ------------------------------------------------------------------ Pre-tax income from continuing operations $6,952,400 $26,103,300 $23,122,200 $22,506,200 $20,429,300 $18,386,400 ---------- ----------- ----------- ----------- ----------- ----------- Adjustments for fixed charges: Interest expense 654,200 2,169,800 614,200 61,500 454,400 1,080,100 Amortization of debt service costs 5,500 15,200 0 0 8,500 5,400 ------ ------ -- -- ----- ----- 659,700 2,185,000 614,200 61,500 462,900 1,085,500 ------- --------- ------- ------ ------- --------- Earnings as adjusted $7,612,100 $28,288,300 $23,736,400 $22,567,700 $20,892,200 $19,471,900 ---------- ----------- ----------- ----------- ----------- ----------- Ratio of earnings to fixed charges: Earnings as adjusted (A) 7,612,100 28,288,300 23,736,400 22,567,700 20,892,200 19,471,900 Fixed charges (B) 659,700 2,185,000 614,200 61,500 462,900 1,085,500 Ratio of (A) to (B) 11.54 12.95 38.65 366.95 45.13 17.94