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 (1)

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



YEAR ENDED DECEMBER 31,
-------------------------------------
1998 1997 1996 1995 1994
---- ---- ---- ---- ----

Ratio of Earnings to Combined Fixed Charges and
Preferred Stock Dividends (1)......................... 2.04X 2.48X 2.66X 2.92X 2.69X


- -------------------------
(1) For purposes of calculating the ratio of earnings to combined fixed charges
and preferred stock dividends, net earnings (before non-recurring items) 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 and for the years ended December 31, 1997 and 1998,
cumulative preferred stock dividends are included starting as of the date of
issuance of the Series A Cumulative Preferred Stock and Series B Cumulative
Preferred Stock.