Three Months Ended

Year Ended

31-Mar-03

31-Dec-02

Net earnings before loss (gain) on sale of real estate

$

11,214

$

51,836

Add back:

Fixed charges

7,083

27,849

Deduct:

Capitalized interest

(36

)

(120

)

Earnings available for fixed charges

and preferred dividends

$

18,261

$

79,565

Fixed Charges

Interest expense

$

7,083

$

27,849

Capitalized interest

(36

)

(120

)

Interest portion of rent expense

—  

—  

Total fixed charges

7,047

27,729

Preferred dividends

—  

—  

Total fixed charges and preferred dividends

$

7,047

$

27,729

Ratio of Earnings to Fixed Charges

and Preferred Dividends

2.58x

2.72x