Pretax earnings from continuing operations before adjustment for

  minority interests or income loss from equity investees

$    120,257,216 

Add:

   Interest on indebtedness (excluding capitalized interest)

214,432,386 

   Amortization of debt related expenses

3,381,997 

   Portion of rents representative of the

     interest factor

7,182,492 

345,254,091 

Distributed income from equity investees

403,031,792 

       Pretax earnings from continuing operations, as adjusted

$    748,285,883 

Fixed charges -

   Interest on indebtedness (including capitalized interest)

$    239,937,825 

   Amortization of debt related expenses

1,070,833 

   Portion of rents representative of the

     interest factor

7,182,492 

        Fixed charges

$    248,191,150 

Ratio of earnings to fixed charges

3.0