
<PAGE>   1
                                                                      EXHIBIT 12




<TABLE>
<CAPTION>
                                                1996                1995                1994             1993             1992
<S>                                          <C>                <C>                 <C>              <C>              <C>
Net Earnings Before                                                                                                
  Extraordinary Item                         19,839,374          12,707,271          8,915,373        3,521,914        1,561,682
                                                                                                                   
                                                                                                                   
Fixed Changes:                                                                                                     
  Interest                                    7,206,291           3,834,388            497,670          381,075          301,761    
  Amortization of Loan Costs                    748,638             322,176            254,080           20,421                0
                                           --------------------------------------------------------------------------------------
                                              7,954,929           4,156,564            751,750          401,496          301,761
                                                                                                                   
Net Earnings Before Extraordinary                                                                                  
  Item and Fixed Charges                     27,794,303          16,863,835          9,667,123        3,923,410        1,863,443
                                                                                                                   
Divided by Fixed Charges                      7,954,929           4,156,564            751,750          401,496          301,761
                                           --------------------------------------------------------------------------------------
                                                                                                                   
Ratio of Net Earnings to Fixed Charge              3.49                4.06              12.86             9.77             6.18
                                           ======================================================================================
</TABLE> 
