EX-12 4 w41215ex12.txt STATEMENT OF COMPUTATION OF RATIOS 1 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.
September 30, 2000 1999 1998 ---------------- -------------- --------------- Net Earnings $ 25,773,129 $ 35,311,517 $ 32,441,198 Fixed Charges: Interest on Indebtedness 19,578,791 21,864,179 13,444,646 Amortization of Discount Relating to Indebtedness 68,162 55,758 15,244 Amortization of Treasury Lock Gain (356,560) (245,388) - Amortization of Deferred Charges 535,807 723,310 710,491 ---------------- -------------- --------------- 19,826,200 22,397,859 14,170,381 Net Earnings Before Fixed Charges $ 45,599,329 $ 57,709,376 $ 46,611,579 ================ ============== =============== Divided by Fixed Charges Fixed Charges $ 19,826,200 $ 22,397,859 $ 14,170,381 Capitalized and Deferred Interest 358,942 1,111,165 1,111,615 ---------------- -------------- --------------- $ 20,185,142 $ 23,509,024 $ 15,281,996 ================ ============== =============== Ratio of Net Earnings to Fixed Charges 2.26 2.45 3.05 ================ ============== =============== Advisor Acquisition Costs $ 1,062,283 $ 9,824,172 $ 5,501,343 ================ ============== =============== Net Earnings After Advisor Acquisition Costs and Fixed Charges (1) $ 46,661,612 $ 67,533,548 $ 52,112,922 ================ ============== =============== Ratio of Net Earnings After Advisor Acquisition Costs to Fixed Charges (1) 2.31 2.87 3.41 ================ ============== =============== 1997 1996 1995 -------------- ---------------- --------------- Net Earnings $ 30,384,643 $ 19,839,374 $ 12,707,271 Fixed Charges: Interest on Indebtedness 11,477,929 7,206,291 3,834,388 Amortization of Discount Relating to Indebtedness - - - Amortization of Treasury Lock Gain - - - Amortization of Deferred Charges 825,014 748,638 322,176 -------------- ---------------- --------------- 12,302,943 7,954,929 4,156,564 Net Earnings Before Fixed Charges $ 42,687,586 $ 27,794,303 $ 16,863,835 ============== ================ =============== Divided by Fixed Charges Fixed Charges $ 12,302,943 $ 7,954,929 $ 4,156,564 Capitalized and Deferred Interest 133,202 - - -------------- ---------------- --------------- $ 12,436,145 $ 7,954,929 $ 4,156,564 ============== ================ =============== Ratio of Net Earnings to Fixed Charges 3.43 3.49 4.06 ============== ================ =============== Advisor Acquisition Costs $ - $ - $ - ============== ================ =============== Net Earnings After Advisor Acquisition Costs and Fixed Charges (1) $ 42,687,586 $ 27,794,303 $ 16,863,835 ============== ================ =============== Ratio of Net Earnings After Advisor Acquisition Costs to Fixed Charges (1) 3.43 3.49 4.06 ============== ================ ===============
(1)The Company's revolving line of credit and notes payable covenants provide for fixed charge coverage ratios to be calculated before Advisor Acquisiton Costs.