Form: 8-K

Current report filing

April 25, 1997

Documents

8-K: Current report filing

Published on April 25, 1997


EXHIBIT 12

RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS

The ratios of earnings to fixed charges are as follows:



QUARTER ENDED
MARCH 31 YEAR ENDED DECEMBER 31 AUGUST 14, 1992
------------- ----------------------------- (INCEPTION) TO
1997 1996 1996 1995 1994 1993 DECEMBER 31, 1992(1)
----- ----- ----- ----- ----- ----- --------------------

Ratio of Earnings to Combined Fixed
Charges and Preferred Stock
Dividends(2)...................... 2.88x 2.77x 2.66x 2.92x 2.69x 3.51x 15.45x


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(1) Operations of the Company commenced on August 14, 1992.

(2) For purposes of calculating the ratio of earnings to combined fixed charges
and preferred stock dividends, net earnings (before extraordinary charge
from prepayment of debt in 1995) has been added to fixed charges and that
sum has been divided by such fixed charges. Fixed charges consist of
interest expense and amortization of deferred financing costs. There are no
preferred stock dividends as no shares of preferred stock were outstanding
for the periods presented.

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