<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>2
<FILENAME>a2043422zex-12.txt
<DESCRIPTION>EX-12
<TEXT>

<PAGE>


                                                                      EXHIBIT 12


              CALCULATION OF EARNINGS (DEFICIENCY) TO FIXED CHARGES


<TABLE>
<CAPTION>
                                                        As of December 31
                                                     -------------------------
                                                         2000        1999
                                                           (thousands)
<S>                                                   <C>        <C>
EARNINGS
      Pretax Income (loss)...........................     ($531)     ($2,641)
      Fixed Charges..................................   $27,777      $14,237
      Capitalized Interest...........................  ($24,668)     ($8,438)

      Net Total.....................................     $2,578       $3,158

FIXED CHARGES
      Interest Expense..............................     $2,935      $5,755
      Capitalized Interest..........................    $24,668      $8,438

      Other.........................................       $174         $44
      Total.........................................    $27,777      $14,237
</TABLE>

         The dollar amount of the deficiency of earnings to fixed charges for
         2000 and 1999 (in thousands) was $30,335 and $17,395.


</TEXT>
</DOCUMENT>