Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratio amounts)
| Quarter Ended June 30, |
Period Ended June 30, |
|||||||||||||||
| 2004 |
2003 |
2004 |
2003 |
|||||||||||||
| Net Income |
$ | 11,082 | $ | 11,288 | $ | 22,384 | $ | 22,502 | ||||||||
| Additions: |
||||||||||||||||
| Fixed charges |
||||||||||||||||
| Interest expense |
8,614 | 7,581 | 17,189 | 14,628 | ||||||||||||
| Capitalized interest |
254 | 50 | 332 | 86 | ||||||||||||
| 8,868 | 7,631 | 17,521 | 14,714 | |||||||||||||
| Deductions: |
||||||||||||||||
| Capitalized interest |
(254 | ) | (50 | ) | (332 | ) | (86 | ) | ||||||||
| Adjusted earnings |
$ | 19,696 | $ | 18,869 | $ | 39,573 | $ | 37,130 | ||||||||
| Fixed Charges (from above) |
$ | 8,868 | $ | 7,631 | $ | 17,521 | $ | 14,714 | ||||||||
| Ratio of Earnings to Fixed Charges |
2.2 | x | 2.5 | x | 2.3 | x | 2.5 | x | ||||||||