Pretax earnings from continuing operations before adjustment for minority interests or income loss from equity investees

$

125,974,497 

Add:

   Interest on indebtedness (excluding capitalized interest)

107,814,431 

   Amortization of debt related expenses

2,617,889 

   Portion of rents representative of the interest factor

3,825,601 

240,232,418 

Distributed income from equity investees

123,354,662 

       Pretax earnings from continuing operations, as adjusted

$

363,587,080 

Combined fixed charges and preferred stock dividends -

   Interest on indebtedness (including capitalized interest)

$

122,225,471 

   Preferred dividend factor

26,160,391 

   Amortization of debt related expenses

1,216,450 

   Portion of rents representative of the interest factor

3,825,601 

        Combined fixed charges and preferred stock dividends

$

153,427,913 

Ratio of Earnings to Combined Fixed Charges

   and Preferred Stock Dividends

2.4