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

$

59,282,984

Add:

   Interest on indebtedness (excluding capitalized interest)

167,083,528

   Amortization of debt related expenses

6,774,448

   Portion of rents representative of the interest factor

6,052,658

239,193,618

Distributed income from equity investees

108,595,220

       Pretax earnings from continuing operations, as adjusted

$

 347,788,838

Fixed charges -

   Interest on indebtedness (including capitalized interest)

$

 173,225,384

   Amortization of debt related expenses

3,435,403

   Portion of rents representative of the interest factor

6,052,658 

        Fixed charges

$

 182,713,445

Ratio of earnings to fixed charges

1.90