EX-12 7 w61252exv12.txt STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS 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.
3/2002 2001 2000 -------------- ------------- -------------- Net Earnings $ 12,749,114 $ 28,963,548 $ 38,250,664 Fixed Charges: Interest on Indebtedness 6,674,487 25,360,505 26,913,436 Amortization of Discount Relating to Indebtedness 28,225 107,200 93,600 Amortization of Treasury Lock Gain (135,667) (515,299) (478,846) Amortization of Deferred Charges 216,346 805,707 804,388 -------------- ------------- -------------- 6,783,391 25,758,113 27,332,578 Net Earnings Before Fixed Charges $ 19,532,505 $ 54,721,661 $ 65,583,242 ============== ============= ============== Divided by Fixed Charges Fixed Charges $ 6,783,391 $ 25,758,113 $ 27,332,578 Capitalized and Deferred Interest (339,494) 451,624 646,897 -------------- ------------- -------------- $ 6,443,897 $ 26,209,737 $ 27,979,475 ============== ============= ============== Ratio of Net Earnings to Fixed Charges 3.03 2.09 2.34 ============== ============= ============== Preferred Stock Dividends $ 1,124,985 $ - $ - ============== ============= ============== Combined Fixed Charges and Preferred Stock Dividends $ 7,568,882 $ 26,209,737 $ 27,979,475 ============== ============= ============== Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends 2.58 2.09 2.34 ============== ============= ============== Advisor Acquisition Costs $ - $ 12,581,769 $ 1,521,063 ============== ============= ============== Net Earnings After Advisor Acquisition Costs and Fixed Charges (1) $ 19,532,505 $ 67,303,430 $ 67,104,305 ============== ============= ============== Ratio of Net Earnings After Advisor Acquisition Costs to Fixed Charges (1) 3.03 2.57 2.40 ============== ============= ==============
1999 1998 1997 -------------- -------------- -------------- Net Earnings $ 35,311,517 $ 32,441,198 $ 30,384,643 Fixed Charges: Interest on Indebtedness 22,109,567 13,444,646 11,477,929 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 -------------- -------------- -------------- 22,643,247 14,170,381 12,302,943 Net Earnings Before Fixed Charges $ 57,954,764 $ 46,611,579 $ 42,687,586 ============== ============== ============== Divided by Fixed Charges Fixed Charges $ 22,643,247 $ 14,170,381 $ 12,302,943 Capitalized and Deferred Interest 1,111,165 1,111,615 133,202 -------------- -------------- -------------- $ 23,754,412 $ 15,281,996 $ 12,436,145 ============== ============== ============== Ratio of Net Earnings to Fixed Charges 2.44 3.05 3.43 ============== ============== ============== Preferred Stock Dividends $ - $ - $ - ============== ============== ============== Combined Fixed Charges and Preferred Stock Dividends $ 23,754,412 $ 15,281,996 $ 12,436,145 ============== ============== ============== Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends 2.44 3.05 3.43 ============== ============== ============== Advisor Acquisition Costs $ 9,824,172 $ 5,501,343 $ - ============== ============== ============== Net Earnings After Advisor Acquisition Costs and Fixed Charges (1) $ 67,778,936 $ 52,112,922 $ 42,687,586 ============== ============== ============== Ratio of Net Earnings After Advisor Acquisition Costs to Fixed Charges (1) 2.85 3.41 3.43 ============== ============== ==============
(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.