EX-12 2 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK Computation of ratio of earnings to combined fixed charges and preferred stock

Exhibit 12

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 

     Year Ended September 30,    Six Months
Ended
March 31
(in thousands)    2003    2004    2005    2006    2007    2008

Fixed Charges Computation

                 

Interest expensed and capitalized (1)

   $ 12,060    $ 13,857    $ 49,043    $ 35,119    $ 29,671    $ 12,046

Amortized premiums, discounts, and capitalized expenses related to indebtedness

     3,857      6,031      10,634      2,843      5,318      1,332

Reasonable approximation of interest within rental expense

     1,139      1,462      2,433      3,092      3,440      1,722
                                         

Total Fixed Charges and Preferred Equity Dividends

   $ 17,056    $ 21,350    $ 62,110    $ 41,054    $ 38,429    $ 15,100
                                         

Earnings Computation

                 

Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees

   $ 60,081    $ 105,107    $ 163,808    $ 137,816    $ 59,236    $ 10,465

Plus

                 

Fixed charges

     17,056      21,350      62,110      41,054      38,429      15,100

Minus

                 

Interest capitalized

     230      435      464      1,027      784      369
                                         

Total Earnings

   $ 76,907    $ 126,022    $ 225,454    $ 177,843    $ 96,881    $ 25,196
                                         

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

     4.51      5.90      3.63      4.33      2.52      1.67

 

(1) Interest expense associated with unrecognized tax benefits is included in income tax expense, not with interest expense.