EX-12 3 dex12.htm EXHIBIT 12 Exhibit 12

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