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

$

52,334,314 

Add:

   Interest on indebtedness (excluding capitalized interest)

233,543,082 

   Amortization of debt related expenses

6,972,171 

   Portion of rents representative of the

     interest factor

8,087,630 

300,937,197 

Distributed income from equity investees

162,859,662 

       Pretax earnings from continuing operations, as adjusted

$

463,796,859 

Fixed charges -

   Interest on indebtedness (including capitalized interest)

$

248,273,133 

   Amortization of debt related expenses

2,803,019 

   Portion of rents representative of the interest factor

8,087,630 

        Fixed charges

$

259,163,782 

Ratio of earnings to fixed charges

1.79