Exhibit 12
Calculation of Earnings to Fixed Charges
($ in thousands)
March 31 Year Ended December 31,
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1999 1998 1997 1996 1995 1994
Pre-tax income from
continuing operations $ 8,449 $ 34,300 $ 30,136 $ 27,964 $ 26,103 $ 23,122
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Adjustments for fixed charges:
Interest expense 5,038 16,413 9,404 5,356 2,170 614
Amortization of debt
service costs 193 751 334 118 15 0
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5,231 17,164 9,738 5,474 2,185 614
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Earnings as adjusted $ 13,680 $51,464 $39,874 $33,438 $ 28,288 $ 23,736
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Ratio of earnings to fixed charges:
Earnings as adjusted (A) 13,680 51,464 39,874 33,438 28,288 23,736
Fixed charges (B) 5,231 17,164 9,738 5,474 2,185 614
Ratio of (A) to (B) 2.62 3.00 4.09 6.11 12.95 38.66
Calculation of Debt Service Coverage Ratio
($ in thousands)
March 31 Year Ended December 31,
------------ --------------------------------------------------------------------------
1999 1998 1997 1996 1995 1994
Earnings before interest,
taxes, depreciation and
amortization (EBITDA):
Pre-tax income from
continuing operations $ 8,449 $34,300 $ 30,136 $ 27,964 $ 26,103 $ 23,122
------------ ----------- ---------- ----------- ---------- ---------
Adjustments for Debt Service:
Depreciation and
amortization 4,451 15,399 10,911 7,784 5,084 3,933
Administrative depreciation 167 413 139 66 63 45
Interest expense 5,038 16,413 9,404 5,356 2,170 614
Amortization of debt service
costs 193 751 334 118 -- --
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Earnings before interest,
taxes, depreciation and
amortization $18,298 $67,276 $50,924 $ 41,288 $ 33,420 $ 27,714
------------ ----------- ---------- ----------- ---------- ---------
Debt service:
Interest expense 5,038 16,413 9,404 5,356 2,170 614
Principal amortization 134 172 129 117 42 --
------------ ----------- ---------- ----------- ---------- ---------
Debt service $ 5,172 $16,585 $ 9,533 $ 5,473 $ 2,212 $ 614
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EBITDA (A) 18,298 67,276 50,924 41,288 33,420 27,714
Debt service (B) 5,172 16,585 9,533 5,473 2,212 614
Ratio of (A) to (B) 3.54 4.06 5.34 7.54 15.11 45.14