EX-12 6 w86367s3exv12.txt 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 periods as shown.
3/31/2003 2002 2001 ------------ ------------ ------------ Net Earnings $ 10,153,464 $ 48,058,349 $ 28,963,548 Fixed Charges: Interest on Indebtedness 6,619,745 27,147,412 25,360,505 Amortization of Discount Relating to Indebtedness 35,586 127,375 107,200 Amortization of Treasury Lock Gain (145,995) (554,527) (515,299) Amortization of Deferred Charges 263,333 960,447 805,707 ------------ ------------ ------------ 6,772,669 27,680,707 25,758,113 Net Earnings Before Fixed Charges $ 16,926,133 $ 75,739,056 $ 54,721,661 ============ ============ ============ Divided by Fixed Charges Fixed Charges $ 6,772,669 $ 27,680,707 $ 25,758,113 Capitalized and Deferred Interest 1,017 (599,902) 451,624 ------------ ------------ ------------ $ 6,773,686 $ 27,080,805 $ 26,209,737 ============ ============ ============ Ratio of Net Earnings to Fixed Charges 2.50 2.80 2.09 ============ ============ ============ Preferred Stock Dividends $ 1,001,165 $ 4,009,554 $ -- ============ ============ ============ Combined Fixed Charges and Preferred Stock Dividends $ 7,774,851 $ 31,090,359 $ 26,209,737 ============ ============ ============ Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends 2.18 2.44 2.09 ============ ============ ============ Advisor Acquisition Costs $ -- $ -- $ 12,581,769 ============ ============ ============ Net Earnings After Advisor Acquisition Costs and Fixed Charges (1) $ 16,926,133 $ 75,739,056 $ 67,303,430 ============ ============ ============ Ratio of Net Earnings After Advisor Acquisition Costs to Fixed Charges (1) 2.50 2.80 2.57 ============ ============ ============
2000 1999 1998 ------------ ------------ ------------ Net Earnings $ 38,250,664 $ 35,311,517 $ 32,441,198 Fixed Charges: Interest on Indebtedness 26,913,436 22,109,567 13,444,646 Amortization of Discount Relating to Indebtedness 93,600 55,758 15,244 Amortization of Treasury Lock Gain (478,846) (245,388) -- Amortization of Deferred Charges 804,388 723,310 710,491 ------------ ------------ ------------ 27,332,578 22,643,247 14,170,381 Net Earnings Before Fixed Charges $ 65,583,242 $ 57,954,764 $ 46,611,579 ============ ============ ============ Divided by Fixed Charges Fixed Charges $ 27,332,578 $ 22,643,247 $ 14,170,381 Capitalized and Deferred Interest 646,897 1,111,165 1,111,615 ------------ ------------ ------------ $ 27,979,475 $ 23,754,412 $ 15,281,996 ============ ============ ============ Ratio of Net Earnings to Fixed Charges 2.34 2.44 3.05 ============ ============ ============ Preferred Stock Dividends $ -- $ -- $ -- ============ ============ ============ Combined Fixed Charges and Preferred Stock Dividends $ 27,979,475 $ 23,754,412 $ 15,281,996 ============ ============ ============ Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends 2.34 2.44 3.05 ============ ============ ============ Advisor Acquisition Costs $ 1,521,063 $ 9,824,172 $ 5,501,343 ============ ============ ============ Net Earnings After Advisor Acquisition Costs and Fixed Charges (1) $ 67,104,305 $ 67,778,936 $ 52,112,922 ============ ============ ============ Ratio of Net Earnings After Advisor Acquisition Costs to Fixed Charges (1) 2.40 2.85 3.41 ============ ============ ============
(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.