Pretax earnings from continuing operations before adjustment for

  noncontrolling interests or income loss from equity investees

$

27,689,864

Add:

   Interest on indebtedness (excluding capitalized interest)

59,417,830

   Amortization of debt related expenses

1,348,750

   Portion of rents representative of the interest factor

2,108,068

90,564,512

Distributed income from equity investees

30,483,421

       Pretax earnings from continuing operations, as adjusted

$

121,047,933

Fixed charges -

   Interest on indebtedness (including capitalized interest)

$

64,405,078

   Amortization of debt related expenses

347,010

   Portion of rents representative of the interest factor

2,108,068

        Fixed charges

$

66,860,156

Ratio of earnings to fixed charges

1.81