EX-12.1 2 dex121.htm STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement Regarding Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

 

     Year Ended May 31,  
     2010     2009     2008     2007     2006  
     ($ in thousands)  

Income before income taxes

   $103,536      $44,398      $40,154      $6,014      $20,055   

Plus fixed charges:

          

Interest expense

   1,481      1,692      296      272      184   

Debt cost amortization

   512      470      0      0      0   

Portion of rents representative of an appropriate interest factor

   3,439      3,295      2,990      3,379      3,007   
                              

Total fixed charges (1)

   $5,432      $5,457      $3,286      $3,651      $3,191   

Adjusted earnings (2)

   $108,968      $49,855      $43,440      $9,665      $23,246   

Ratio (2 divided by 1)

   20.1      9.1      13.2      2.6      7.3   

Fixed charges deficiency

   $0      $0      $0      $0      $0   

Rent Expense

   $10,328      $9,895      $8,980      $10,148      $9,031   

Interest Factor at 33.3%

   33.3   33.3   33.3   33.3   33.3
                              

Portion of rents representative of an appropriate interest factor

   $3,439      $3,295      $2,990      $3,379      $3,007