EX-12.1 3 a2139685zex-12_1.htm EXHIBIT 12.1
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Exhibit 12.1


Statement of Computation of Ratios

        Ratio of earnings to fixed charges is computed by dividing income before taxes and fixed charges by fixed charges. Fixed charges consist of interest charges, capitalized interest and amortization of debt issuance costs. The computation is as follows:

 
   Fiscal years ended October 31,
   Six months
ended
April 30,
2004
 
   1999
   2000
   2001
   2002
   2003
 
   (dollars in thousands, except per share data)
Income (loss) before income taxes   $ 60,987   $ (14,856 ) $ 45,622   $ 81,614   $ 65,823   $ 28,526
Add:                                    
  Interest expense     14,402     15,255     16,555     14,812     2,517     2,510
  Debt issuance amortization     540     502     367     121     312     246
  Capitalized interest     (1,611 )   (1,941 )   (1,666 )   (1,879 )   —     —

Earnings (loss) as defined
 
$
74,318
 
$
(1,040
)
$
60,878
 
$
94,668
 
$
68,652
 
$
31,282
 
Interest expense
 
$
14,402
 
$
15,255
 
$
16,555
 
$
14,812
 
$
2,517
 
$
2,510
  Debt issuance amortization     540     502     367     121     312     246
  Capitalized interest     (1,611 )   (1,941 )   (1,666 )   (1,879 )   —     —

Fixed charges as defined
 
$
13,331
 
$
13,816
 
$
15,256
 
$
13,054
 
$
2,829
 
$
2,756

Ratio of earnings to fixed charges
 
 
5.6x
 
 
*
 
 
4.0x
 
 
7.3x
 
 
24.3x
 
 
11.4x
*
For the fiscal year ended October 31, 2000, fixed charges exceeded earnings by approximately $14.9 million.



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Statement of Computation of Ratios