EXHIBIT 12.1
RATIO OF AVAILABLE EARNINGS TO FIXED CHARGES AND RATIO OF AVAILABLE
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Six
Months Year Ended
Ended
June 1995 1994 1993 1992 1991
1996
Net income before
income taxes $38,588 $41,933 $49,68 $57,29 $45,21 $25,4
0 1 7 64
Fixed charges (interest
expense, net of non-
recourse interest
expense, other CMO 72,644 162,762 143,27 82,586 56,341 37,00
expenses and provision 8 9
for losses)
Total Available $111,232 $204,69 $192,9 $139,8 $101,5 $62,4
Earnings (as defined) 5 58 77 88 73
Preferred Stock $4,386 $2,746 - - - -
Dividend Requirements
Ratio of Available
Earnings 1.53:1 1.26:1 1.35:1 1.69:1 1.80:1 1.69:
to Fixed Charges 1
Ratio of Available
Earnings to Combined
Fixed Charges and 1.50:1 1.25:1 1.35:1 1.69:1 1.80:1 1.69:
Preferred Stock 1
Dividends