EX-12 6 w89261exv12.htm EXHIBIT 12 exv12
 

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.

                                                     
        6/30/03   2002   2001   2000   1999   1998
       
 
 
 
 
 
Net Earnings
   $ 22,498,250     $ 48,058,349     $ 28,963,548     $ 38,250,664     $ 35,311,517     $ 32,441,198  
                                                     
Fixed Charges:
                                                
   
Interest on Indebtedness
     13,568,591       27,147,412       25,360,505       26,913,436       22,109,567       13,444,646  
   
Amortization of Discount Relating to Indebtedness
     71,665       127,375       107,200       93,600       55,758       15,244  
   
Amortization of Treasury Lock Gain
     (292,899 )     (554,527 )     (515,299 )     (478,846 )     (245,388 )     —  
   
Amortization of Deferred Charges
     595,143       960,447       805,707       804,388       723,310       710,491  
 
    
     
     
     
     
     
 
 
     13,942,500       27,680,707       25,758,113       27,332,578       22,643,247       14,170,381  
                                                     
Net Earnings Before Fixed Charges
   $ 36,440,750     $ 75,739,056     $ 54,721,661     $ 65,583,242     $ 57,954,764     $ 46,611,579  
 
    
     
     
     
     
     
 
Divided by Fixed Charges
                                                
   
Fixed Charges
   $ 13,942,500     $ 27,680,707     $ 25,758,113     $ 27,332,578     $ 22,643,247     $ 14,170,381  
   
Capitalized and Deferred Interest
     (143,790 )     (599,902 )     451,624       646,897       1,111,165       1,111,615  
 
    
     
     
     
     
     
 
 
   $ 13,798,710     $ 27,080,805     $ 26,209,737     $ 27,979,475     $ 23,754,412     $ 15,281,996  
 
    
     
     
     
     
     
 
Ratio of Net Earnings to Fixed Charges
     2.64       2.80       2.09       2.34       2.44       3.05  
 
    
     
     
     
     
     
 
 
Preferred Stock Dividends
   $ 2,003,287     $ 4,009,554     $ —     $ —     $ —     $ —  
 
    
     
     
     
     
     
 
 
Combined Fixed Charges and Preferred Stock Dividends
   $ 15,801,997     $ 31,090,359     $ 26,209,737     $ 27,979,475     $ 23,754,412     $ 15,281,996  
 
    
     
     
     
     
     
 
Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends
     2.31       2.44       2.09       2.34       2.44       3.05  
 
    
     
     
     
     
     
 
Advisor Acquisition Costs
   $ —     $ —     $ 12,581,769     $ 1,521,063     $ 9,824,172     $ 5,501,343  
 
    
     
     
     
     
     
 
Net Earnings After Advisor Acquisition Costs and Fixed Charges (1)
   $ 36,440,750     $ 75,739,056     $ 67,303,430     $ 67,104,305     $ 67,778,936     $ 52,112,922  
 
    
     
     
     
     
     
 
Ratio of Net Earnings After Advisor Acquisition Costs to Fixed Charges (1)
     2.64       2.80       2.57       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.