For the year ended December 31,

2011

2010

2009

2008

2007

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

$

80,547,857

$

47,621,092

$

(50,140,361)

$

27,223,785

$

122,308,549

Add:

Interest on indebtedness (excluding capitalized interest)

223,473,216

234,458,703

208,191,702

212,439,957

213,330,802

Amortization of debt related expenses (including capitalized interest)

9,746,436

6,069,002

9,263,466

5,876,474

4,753,809

Portion of rents representative of the interest factor

7,983,136

8,087,630

7,886,099

7,740,485

7,182,492

321,750,645

296,236,427

175,200,906

253,280,701

347,575,652

Distributed income from equity investees

163,047,852

162,859,662

136,697,229

261,993,161

403,031,792

Pretax earnings from continuing operations, as adjusted

$

484,798,497

$

459,096,089

$

311,898,135

$

515,273,862

$

750,607,444

Fixed charges -

Interest on indebtedness (including capitalized interest)

$

230,554,127

$

249,188,755

$

229,656,346

$

241,134,182

$

238,836,241

Amortization of debt related expenses

5,271,946

1,899,850

5,589,952

2,879,420

2,442,645

Portion of rents representative of the interest factor

7,983,136

8,087,630

7,886,099

7,740,485

7,182,492

Fixed charges

$

243,809,209

$

259,176,235

$

243,132,397

$

251,754,087

$

248,461,378

Ratio of earnings to fixed charges

2.0

1.8

1.3

2.0

3.0

For the year ended December 31,

2011

2010

2009

2008

2007

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

$

80,547,857

$

47,621,092

$

(50,140,361)

$

27,223,785

$

122,308,549

Add:

Interest on indebtedness (excluding capitalized interest)

223,473,216

234,458,703

208,191,702

212,439,957

213,330,802

Amortization of debt related expenses (including capitalized interest)

9,746,436

6,069,002

9,263,466

5,876,474

4,753,809

Portion of rents representative of the interest factor

7,983,136

8,087,630

7,886,099

7,740,485

7,182,492

321,750,645

296,236,427

175,200,906

253,280,701

347,575,652

Distributed income from equity investees

163,047,852

162,859,662

136,697,229

261,993,161

403,031,792

Pretax earnings from continuing operations, as adjusted

$

484,798,497

$

459,096,089

$

311,898,135

$

515,273,862

$

750,607,444

Combined fixed charges and preferred stock

dividends -

Interest on indebtedness (including capitalized interest)

230,554,127

249,188,755

229,656,346

241,134,182

238,836,241

Preferred dividend factor

$

65,920,019

$

52,531,479

$

47,287,500

$

47,287,500

$

19,658,750

Amortization of debt related expenses

5,271,946

1,899,850

5,589,952

2,879,420

2,442,645

Portion of rents representative of the interest factor

7,983,136

8,087,630

7,886,099

7,740,485

7,182,492

Combined fixed charges and preferred stock dividends

$

309,729,228

$

311,707,714

$

290,419,897

$

299,041,587

$

268,120,128

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

1.6

1.5

1.1

1.7

2.8