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

$

17,387,598

Add:

   Interest on indebtedness (excluding capitalized interest)

55,122,029

   Amortization of debt related expenses

2,263,645

   Portion of rents representative of the interest factor

1,937,731

76,711,003

Distributed income from equity investees

29,743,281

       Pretax earnings from continuing operations, as adjusted

$

106,454,284

Fixed charges -

   Interest on indebtedness (including capitalized interest)

$

57,857,293

   Amortization of debt related expenses

1,167,481

   Portion of rents representative of the interest factor

1,937,731

        Fixed charges

$

60,962,505

Ratio of earnings to fixed charges

1.75