EX-12.1 9 a2218141zex-12_1.htm EX-12.1

Exhibit 12.1

 

 

 

For the Year Ended May 31,

 

Six Months Ended
November 30,

 

 

 

2013

 

2012

 

2011

 

2010

 

2009

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

 

 

(In Thousands Except Per Share Data and Ratios)

 

 

 

Earnings Available for Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

80,311

 

$

93,203

 

$

103,407

 

$

65,614

 

$

86,249

 

$

57,836

 

$

54,395

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

39,448

 

36,247

 

28,143

 

25,532

 

30,225

 

20,538

 

20,355

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of debt expense

 

2,154

 

1,831

 

2,524

 

1,301

 

1,191

 

976

 

1,074

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One-third of rent expense under operating leases (estimated by management to be the interest factor of such rent expense)

 

11,760

 

10,109

 

9,284

 

7,744

 

7,548

 

5,914

 

6,053

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

$

133,673

 

$

141,390

 

$

143,358

 

$

100,191

 

$

125,213

 

$

85,264

 

$

81,877

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

39,448

 

36,247

 

28,143

 

25,532

 

$

30,225

 

$

20,538

 

$

20,355

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of debt expense

 

2,154

 

1,831

 

2,524

 

1,301

 

1,191

 

976

 

1,074

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One-third of rent expense under operating leases (estimated by management to be the interest factor of such rent expense)

 

11,760

 

10,109

 

9,284

 

7,744

 

7,548

 

5,914

 

6,053

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

53,362

 

$

48,187

 

$

39,951

 

$

34,577

 

$

38,964

 

$

27,428

 

$

27,482

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.5

 

2.9

 

3.6

 

2.9

 

3.2

 

3.1

 

3.0