EXHIBIT 12.1

           CALCULATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
                          AND PREFERRED STOCK DIVIDENDS
                        (IN THOUSANDS, EXCEPT FOR RATIOS)

<TABLE>
<CAPTION>
                                                                                                     FOR THE PERIOD
                                                                                                     AUGUST 19, 1994
                                                                                                     (DATE OF
                                                                                                     COMMENCEMENT
                                                     THREE MONTHS ENDED             YEAR ENDED       OF OPERATIONS) TO
                                               MARCH 31, 1996   MARCH 31, 1995   DECEMBER 31, 1995   DECEMBER 31, 1994
                                               --------------   --------------   -----------------   -----------------
                                                         (unaudited)
<S>                                            <C>              <C>              <C>                 <C>   
Fixed Charges: (1)                                                                                   
          Interest Expense                        $6,202             $1,533             $10,608             $  760
                                                  ======             ======             =======             ======
Earnings:                                                                                            
          Net Income                              $1,954             $  402             $ 3,155             $  382
          Fixed Charges                            6,202              1,533              10,608                760
                                                  ------             ------             -------             ------
                  Total Adjusted Earnings         $8,156             $1,935             $13,763             $1,142
                                                  ======             ======             =======             ======
Ratio of Earnings to Combined Fixed Charges                                                          
          and Preferred Stock Dividends             1.32               1.26                1.30               1.50
</TABLE>

                                                                          
                                                                          
      (1)     There was no fixed dividend requirement on the Preferred Stock
              outstanding during these periods and therefore there was no
              fixed charge relating to Preferred Stock dividends included in
              this calculation.