EX-12 2 ratiosamend.txt Exhibit 12 STATEMENTS REGARDING COMPUTATION OF RATIOS
-------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- December 31, June 30, June 30, 2003 2004 2004 1999 2000 2001 2002 2003 (pro forma) (actual) (pro forma) -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- Pretax Income $951,879 $1,140,253 $1,278,010 $1,289,941 $1,300,754 $1,300,754 $745,653 $745,653 -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- Add Back Fixed Charges Certificates Interest Expense (1) 0 0 0 0 0 1,255,000 0 627,500 Amortization related to line of credit 833 2,917 0 0 0 0 0 0 Amortization related to debt offering (2) 0 0 0 29,874 113,466 179,319 85,244 118,172 Interest Expense 0 65,282 26,835 131,367 692,138 692,138 437,725 437,725 -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- Total Fixed Charges 833 68,199 26,835 161,241 805,604 2,126,457 522,969 555,897 -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- Earnings $952,712 $1,208,452 $1,304,845 $1,451,182 $2,106,358 $3,427,211 $1,268,622 $1,301,550 ========================================================================================================
(1) Interest expense is adjusted to reflect the sale of all certificates offered and assumes a weighted average interest rate of 6.275% per year (1,255,000 total). Actual interest rates we will pay on certificates will be set forth in a supplement to this prospectus. Further assumes that we derive no income from the application of certificate sale proceeds to new mortgage loans. (2) Assumes all certificates are sold and underwriting fees are amortized over the life of the certificates which amounts to $65,853 per year.