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
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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
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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
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$ 6,443,897 $ 26,209,737 $ 27,979,475
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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
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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
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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
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$ 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.