Exhibit 12

EX-12 5 exhibit_122003.htm STATEMENT OF COMPUTATION Exhibit 12


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 peirods as shown.
	2003			2002			2001			2000			1999


Net earnings	$	53,472,592		$	48,058,349		$	28,963,548		$	38,250,664		$	35,311,517

Fixed charges:
Interest on indebtedness		28,181,988			27,147,412			25,360,505			26,913,436			22,109,567
Amortization of discount relating to indebtedness		146,195			127,375			107,200			93,600			55,758
Amortization of treasury lock gain		(596,741	)		(554,527	)		(515,299	)		(478,846	)		(245,388	)
Amortization of deferred charges		1,329,097			960,447			805,707			804,388			723,310

		29,060,539			27,680,707			25,758,113			27,332,578			22,643,247

Net earnings before fixed charges	$	82,533,131		$	75,739,056		$	54,721,661		$	65,583,242		$	57,954,764


Divided by fixed charges
Fixed charges	$	29,060,539		$	27,680,707		$	25,758,113		$	27,332,578		$	22,643,247
Capitalized and deferred interest		102,544			(599,902	)		451,624			646,897			1,111,165

	$	29,163,083		$	27,080,805		$	26,209,737		$	27,979,475		$	23,754,412


Ratio of net earnings to fixed charges		2.83			2.80			2.09			2.34			2.44


Preferred stock dividends
Series A preferred stock	$	4,007,532		$	4,009,554		$	-		$	-		$	-
Series B preferred stock		502,500			-			-			-			-

Total preferred stock dividends	$	4,510,032		$	4,009,554		$	-		$	-		$	-


Combined fixed charges and preferred stock dividends	$	33,673,115		$	31,090,359		$	26,209,737		$	27,979,475		$	23,754,412


Ratio of net earnings to combined fixed charges and preferred stock dividends		2.45			2.44			2.09			2.34			2.44


Advisor acquisition costs	$	-		$	-		$	12,581,769		$	1,521,063		$	9,824,172


Net earnings after advisor acquisition costs and fixed charges⁽¹⁾	$	82,533,131		$	75,739,056		$	67,303,430		$	67,104,305		$	67,778,936


Ratio of net earnings after advisor acquisition costs to fixed charges⁽¹⁾		2.83			2.80			2.57			2.40			2.85


⁽¹⁾ The Company's revolving credit facility and notes payable convenants provide for fixed charge coverage ratios to be calculated before Advisor Acquisition Costs.