Exhibit 12

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands, except ratio amounts)

 

     Three Months Ended March 31,

 
     2004

    2003

 

Net Income

   $ 11,302     $ 11,214  

Additions:

                

Fixed charges

                

Interest expense

     8,575       7,047  

Capitalized interest

     78       36  
    


 


       8,653       7,083  

Deductions:

                

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