Pretax earnings from continuing operations before adjustment for

  noncontrolling interests or income loss from equity investees

$

26,807,307

Add:

   Interest on indebtedness (excluding capitalized interest)

47,053,936

   Amortization of debt related expenses

1,467,339

   Portion of rents representative of the interest factor

1,807,131

77,135,713

Distributed income from equity investees

30,402,525

       Pretax earnings from continuing operations, as adjusted

$

107,538,238

Fixed charges -

   Interest on indebtedness (including capitalized interest)

$

52,689,002

   Amortization of debt related expenses

603,193

   Portion of rents representative of the interest factor

1,807,131

        Fixed charges

$

55,099,326

Ratio of earnings to fixed charges

2.0