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

$

55,012,685

Add:

   Interest on indebtedness (excluding capitalized interest)

178,762,511

   Amortization of debt related expenses

4,801,685

   Portion of rents representative of the

     interest factor

6,181,192

244,758,073

Distributed income from equity investees

89,033,592

       Pretax earnings from continuing operations, as adjusted

$

333,791,665

Fixed charges -

   Interest on indebtedness (including capitalized interest)

$

190,520,942

   Amortization of debt related expenses

1,709,648

   Portion of rents representative of the interest factor

6,181,192

        Fixed charges

$

198,411,782

Ratio of earnings to fixed charges

1.68