EX-12 4 exhibit12.htm EXHIBIT 12 Exhibit 12

                             EXHIBIT 12

                                     COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

For the six months ended
June 30,
(dollar amounts in thousands)    2004    2003  
EARNINGS            
Pre-tax income   $ 18,968   $ 35,428  
Fixed charges    6,556    4,644  
Total   $ 25,524   $ 40,072  
FIXED CHARGES  
Interest expense and amortization of debt discount  
      and premium on all indebtedness   $ 5,899   $ 3,983  
Interest portion of rental expenses    657    661  
Total fixed charges   $ 6,556   $ 4,644  
Ratio of earnings to fixed charges    3.9 x    8.6 x