For the year ended December 31,

2014

2013

2012

2011

2010

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

$

102,726,009

$

62,370,363

$

20,232,425

$

17,528,862

$

(13,761,026)

Add:

Interest on indebtedness (excluding capitalized interest)

212,081,486

215,233,093

229,911,808

223,440,800

244,316,985

Amortization of debt related expenses (including capitalized interest)

2,025,069

7,263,026

7,683,550

9,746,436

6,972,171

Portion of rents representative of the interest factor

8,435,339

7,887,716

6,946,781

7,983,136

8,087,630

325,267,903

292,754,198

264,774,564

258,699,234

245,615,760

Distributed income from equity investees

255,531,665

258,049,650

194,109,970

163,047,852

162,859,662

Pretax earnings from continuing operations, as adjusted

$

580,799,568

$

550,803,848

$

458,884,534

$

421,747,086

$

408,475,422

Fixed charges -

Interest on indebtedness (including capitalized interest)

$

213,369,556

$

216,496,349

$

231,449,479

$

230,521,710

$

259,047,037

Amortization of debt related expenses

(2,631,332)

2,641,694

3,099,218

5,271,946

2,803,019

Portion of rents representative of the interest factor

8,435,339

7,887,716

6,946,781

7,983,136

8,087,630

Fixed charges

$

219,173,563

$

227,025,759

$

241,495,478

$

243,776,792

$

269,937,686

Ratio of earnings to fixed charges

2.6

2.4

1.9

1.7

1.5

For the year ended December 31,

2014

2013

2012

2011

2010

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

$

102,726,009

$

62,370,363

$

20,232,425

$

17,528,862

$

(13,761,026)

Add:

Interest on indebtedness (excluding capitalized interest)

212,081,486

215,233,093

229,911,808

223,440,800

244,316,985

Amortization of debt related expenses (including capitalized interest)

2,025,069

7,263,026

7,683,550

9,746,436

6,972,171

Portion of rents representative of the interest factor

8,435,339

7,887,716

6,946,781

7,983,136

8,087,630

325,267,903

292,754,198

264,774,564

258,699,234

245,615,760

Distributed income from equity investees

255,531,665

258,049,650

194,109,970

163,047,852

162,859,662

Pretax earnings from continuing operations, as adjusted

$

580,799,568

$

550,803,848

$

458,884,534

$

421,747,086

$

408,475,422

Combined fixed charges and preferred stock
dividends -

Interest on indebtedness (including capitalized interest)

$

213,369,556

$

216,496,349

$

231,449,479

$

230,521,710

$

259,047,037

Preferred dividend factor

61,726,839

65,134,969

80,204,186

77,079,863

56,012,243

Amortization of debt related expenses

(2,631,332)

2,641,694

3,099,218

5,271,946

2,803,019

Portion of rents representative of the interest
factor

8,435,339

7,887,716

6,946,781

7,983,136

8,087,630

Combined fixed charges and preferred stock dividends

$

280,900,402

$

292,160,728

$

321,699,664

$

320,856,655

$

325,949,929

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

2.1

1.9

1.4

1.3

1.3