<TABLE>
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.
<CAPTION>
1999 1998 1997 1996 1995
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Earnings $ 35,311,517 $ 32,441,198 $ 30,384,643 $ 19,839,374 $ 12,707,271
Fixed Charges:
Interest on Indebtedness 21,864,179 13,444,646 11,477,929 7,206,291 3,834,388
Amortization of Discount Relating to
Indebtedness 55,758 15,244 - -
Amortization of Treasury Lock Gain (245,388) - - -
Amortization of Deferred Charges 723,310 710,491 825,014 748,638 322,176
------------ ------------ ------------ ------------ ------------
22,397,859 14,170,381 12,302,943 7,954,929 4,156,564
------------ ------------ ------------ ------------ ------------
Net Earnings Before Fixed Charges $ 57,709,376 $ 46,611,579 $ 42,687,586 $ 27,794,303 $ 16,863,835
============ ============ ============ ============ ============
Divided by Fixed Charges
Fixed Charges $ 22,397,859 $ 14,170,381 $ 12,302,943 $ 7,954,929 $ 4,156,564
Capitalized and Deferred Interest 1,111,165 1,111,615 133,202 - -
------------ ------------ ------------ ------------ ------------
$ 23,509,024 $ 15,281,996 $ 12,436,145 $ 7,954,929 $ 4,156,564
============ ============ ============ ============ ============
Ratio of Net Earnings to Fixed Charges 2.45 3.05 3.43 3.49 4.06
============ ============ ============ ============ ============
Advisor Acquisition Costs $ 9,824,172 $ 5,501,343 $ - $ - $ -
============ ============ ============ ============ ============
Net Earnings After Advisor Acquisition
Costs and Fixed Charges (1) $ 67,533,548 $ 52,112,922 $ 42,687,586 $ 27,794,303 $ 16,863,835
============ ============ ============ ============ ============
Ratio of Net Earnings After Advisor
Acquisition Costs to Fixed Charges (1) 2.87 3.41 3.43 3.49 4.06
============ ============ ============ ============ ============
<FN>
(1)The Company's revolving line of credit and notes payable covenants provide
for fixed charge coverage ratio to be calculated before Advisor Acquisiton
Costs.
</FN>
</TABLE>
