Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

July 28, 1997

Documents

10-Q: Quarterly report pursuant to Section 13 or 15(d)

Published on July 28, 1997



EXHIBIT 12

RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS

The ratio of earnings to combined fixed charges and preferred stock
dividends are as follows:



YEAR ENDED DECEMBER 31
--------------------------------------------
1997 1996 1995 1994 1993
---- ---- ---- ---- ----

Ratio of Earnings to Combined Fixed Charges and Preferred
Stock Dividends(1)....................................... 2.60X 2.66X 2.92X 2.69X 3.51X


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(1) 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, amortization of deferred financing costs and, starting
with the period ended December 31, 1997, preferred stock dividends for the
Series A Cumulative Preferred Stock, which is the only series of preferred
stock outstanding at December 31, 1997.