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

$

46,089,890

Add:

   Interest on indebtedness (excluding capitalized interest)

119,360,413

   Amortization of debt related expenses

3,375,635

   Portion of rents representative of the interest factor

4,183,173

173,009,111

Distributed income from equity investees

64,163,815

       Pretax earnings from continuing operations, as adjusted

$

237,172,926

Fixed charges -

   Interest on indebtedness (including capitalized interest)

$

127,916,357

   Amortization of debt related expenses

1,340,184

   Portion of rents representative of the interest factor

4,183,173

        Fixed charges

$

133,439,714

Ratio of earnings to fixed charges

1.78