EXHIBIT 12(a)
Exhibit 12(a)
Calculation of ratios of earnings to fixed charges and ratios of earnings
to combined fixed charges and preferred stock dividends
- -------------------------------------------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
----------------------------------------------------------------------------
2000 1999 1998 1997 1996
------------ ------------ ------------ ------------ ------------
Income before extraordinary items $205,024,840 $176,777,537 $127,166,331 $ 85,836,445 $ 73,826,893
Add:
Interest on indebtedness 90,290,264 81,667,211 63,547,946 30,745,963 26,039,374
Amortization of debt related
expenses 2,394,189 2,512,274 1,680,197 1,253,325 1,303,837
Portion of rents
representative of the
interest factor 5,679,310 6,360,643 6,655,956 2,070,049 2,482,917
------------ ------------ ------------ ------------ ------------
303,388,603 267,317,665 199,050,430 119,905,782 103,653,021
Adjustment for equity share in
partnerships (12,515,764) (9,021,568) (1,830,854) (653,466) (349,642)
------------ ------------ ------------ ------------ ------------
Income before extraordinary
items, as adjusted $290,872,839 $258,296,097 $197,219,576 $119,252,316 $103,303,379
============ ============ ============ ============ ============
Combined fixed charges and
preferred stock dividends
Interest on indebtedness $ 94,840,265 $ 86,073,607 $ 64,723,874 $ 30,745,963 $ 26,039,374
Preferred stock dividends 26,328,281 26,478,323 24,653,847 18,437,700 16,134,475
Amortization of debt related
expenses 2,158,792 2,351,649 1,564,883 1,141,095 1,149,807
Portion of rents
representative of the
interest factor 5,679,310 6,360,643 6,655,956 2,070,049 2,482,917
------------ ------------ ------------ ------------ ------------
Combined fixed charges and
preferred stock dividends $129,006,648 $121,264,222 $ 97,598,560 $ 52,394,807 $ 45,806,573
============ ============ ============ ============ ============
Ratio of earnings to combined
fixed charges and preferred
stock dividends 2.3 2.1 2.0 2.3 2.3
=== === === === ===
- -------------------------------------------------------------------------------------------------------------------
21