Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratio amounts)
| Three Months Ended March 31, |
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| 2004 |
2003 |
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| Net Income |
$ | 11,302 | $ | 11,214 | ||||
| Additions: |
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| Fixed charges |
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| Interest expense |
8,575 | 7,047 | ||||||
| Capitalized interest |
78 | 36 | ||||||
| 8,653 | 7,083 | |||||||
| Deductions: |
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| Capitalized interest |
(78 | ) | (36 | ) | ||||
| Adjusted earnings |
$ | 19,877 | $ | 18,261 | ||||
| Fixed Charges (from above) |
$ | 8,653 | $ | 7,083 | ||||
| Ratio of Earnings to Fixed Charges |
2.3x | 2.6x | ||||||