2002

2001

2000

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

$

51,836

$

48,057

$

41,572

Add back:

Fixed charges

27,849

27,071

25,531

Deduct:

Capitalized interest

(120

)

—  

—  

Earnings available for fixed charges and preferred dividends

$

79,565

$

75,128

$

67,103

Fixed Charges

Interest expense

$

27,849

$

27,071

$

25,531

Capitalized interest

(120

)

—  

—  

Interest portion of rent expense

—  

—  

—  

Total fixed charges

27,729

27,071

25,531

Preferred dividends

—  

—  

—  

Total fixed charges and preferred dividends

$

27,729

$

27,071

$

25,531

Ratio of Earnings to Fixed Charges and Preferred Dividends

2.72x

2.75x

2.59x