EX-12 3 exh122003.htm SEC FORM 10-K EXHIBIT 12 Converted by FileMerlin


Exhibit 12




RATIO OF EARNINGS TO FIXED CHARGES



 

2003

2002

2001

2000

1999

 

(In thousands, except ratio data)

Income Before Income Taxes


$

11,160

$

10,802

$

3,468

$

8,229

$

9,663

      

Interest on Indebtedness


6,813

7,952

11,311

10,346

8,920

      

Portion of rents representative

     

of the interest factor


1,046

949

883

828

746

      

Earnings as adjusted


$

19,019

$

19,703

$

15,662

$

19,403

$

19,329

      
      

Fixed Charges:

     
      

Interest on Indebtedness


$

 6,813

$

7,952

$

11,311

$

10,346

$

8,920

      

Portion of rents representative

     

of the interest factor


1,046

949

883

828

746

      

Fixed Charges


$

 7,859

$

8,901

$

12,194

$

11,174

$

9,666

      
      

Ratio of Earnings

     

to Fixed Charges


2.42

2.01

1.28

1.74

2.00