EX-12 2 0002.txt STMT OF COMPUTATION OF EARNINGS TO FIXED CHARGES EXHIBIT 12 CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES The following table sets forth the Company's consolidated ratios of earnings to fixed charges for the periods as shown.
1999 1998 1997 1996 1995 ------------ ------------ ------------ ------------ ------------ Net Earnings $ 35,311,517 $ 32,441,198 $ 30,384,643 $ 19,839,374 $ 12,707,271 Fixed Charges: Interest on Indebtedness 21,864,179 13,444,646 11,477,929 7,206,291 3,834,388 Amortization of Discount Relating to Indebtedness 55,758 15,244 - - Amortization of Treasury Lock Gain (245,388) - - - Amortization of Deferred Charges 723,310 710,491 825,014 748,638 322,176 ------------ ------------ ------------ ------------ ------------ 22,397,859 14,170,381 12,302,943 7,954,929 4,156,564 ------------ ------------ ------------ ------------ ------------ Net Earnings Before Fixed Charges $ 57,709,376 $ 46,611,579 $ 42,687,586 $ 27,794,303 $ 16,863,835 ============ ============ ============ ============ ============ Divided by Fixed Charges Fixed Charges $ 22,397,859 $ 14,170,381 $ 12,302,943 $ 7,954,929 $ 4,156,564 Capitalized and Deferred Interest 1,111,165 1,111,615 133,202 - - ------------ ------------ ------------ ------------ ------------ $ 23,509,024 $ 15,281,996 $ 12,436,145 $ 7,954,929 $ 4,156,564 ============ ============ ============ ============ ============ Ratio of Net Earnings to Fixed Charges 2.45 3.05 3.43 3.49 4.06 ============ ============ ============ ============ ============ Advisor Acquisition Costs $ 9,824,172 $ 5,501,343 $ - $ - $ - ============ ============ ============ ============ ============ Net Earnings After Advisor Acquisition Costs and Fixed Charges (1) $ 67,533,548 $ 52,112,922 $ 42,687,586 $ 27,794,303 $ 16,863,835 ============ ============ ============ ============ ============ Ratio of Net Earnings After Advisor Acquisition Costs to Fixed Charges (1) 2.87 3.41 3.43 3.49 4.06 ============ ============ ============ ============ ============ (1)The Company's revolving line of credit and notes payable covenants provide for fixed charge coverage ratio to be calculated before Advisor Acquisiton Costs.