EX-12.1 30 k16245a1exv12w1.htm COMPUTATION OF RATIOS exv12w1
 

RATIO OF EARNINGS TO FIXED CHARGES   EXHIBIT 12.1
                                                     
        Year Ended     Eight Months Ended     Four Months Ended  
        1/31/08     1/31/07     1/31/06     1/31/05     1/31/2004     5/31/03  
Earnings Definition                                                
Add  
(a) Pre-Tax income from continuing operations before minority interest
    (130.9 )     (70.7 )     (263.2 )     (16.3 )     (23.6 )     25.3
   
(b) Fixed Charges
    68.8       79.6       69.9       44.5       33.4       20.8  
   
(c) Amortization of capitalized interest
    3.8       4.3       4.4       4.0       (16.7 )     8.4  
   
(d) Distributed income of equity investees
                                               
   
(e) Pre-tax losses of equity investees for charges arising from guarantees are included in fixed charges
                                   
   
 
                                   
   
Subtotal
    (58.3 )     13.2       (188.9 )     32.2       (6.9 )     54.5  
   
 
                                               
Subtract  
(a) Interest Capitalized
    4.6       2.6       3.7             3.5       6.8  
   
(b) Preference security dividend requirements of consolidated subs
    0.7       0.4       0.8       0.8       0.5        
   
(c) Minority interest in pre-tax income of subs that have not incurred fixed charges
    21.0       10.6       7.8       8.5       3.4       1.2  
   
 
                                   
   
Subtotal
    26.3       13.6       12.3       9.3       7.4       8.0  
   
 
                                               
   
Earnings
    (84.6 )     (0.4 )     (201.2 )     22.9       (14.3 )     46.5  
Fixed Charges                                                
   
(a) Interest Expensed and Capitalized
    63.0       73.5       63.5       38.4       48.6       12.3  
   
(b) Amortized premiums discounts and capitalized expenses related to indebtedness
    3.8       4.3       4.4       4.0       (16.7 )     8.4  
   
(c) Estimate of the interest within rental expense
    1.3       1.4       1.2       1.3       1.0       0.1  
   
(d) Preference security dividend requirements of consolidated subs
    0.7       0.4       0.8       0.8       0.5        
   
 
                                   
   
Total Fixed Charges
    68.8       79.6       69.9       44.5       33.4       20.8  
   
 
                                               
Ratio  
Ratio of Earnings to Fixed Charges
    (1.2 )     (0.0 )     (2.9 )     0.5       (0.4 )     2.2  
   
Deficiency
  $ 153.4     $ 80.0     $ 271.1     $ 21.6     $ 47.7     $