EX-12.1 2 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,
   Nine months
ended
July 31,
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   $ 56,713
Add:                                    
  Interest expense     14,402     15,255     16,555     14,812     2,517     4,491
  Debt issuance amortization     540     502     367     121     312     438
  Capitalized interest     (1,611 )   (1,941 )   (1,666 )   (1,879 )   —     —

Earnings (loss) as defined
 
$
74,318
 
$
(1,040
)
$
60,878
 
$
94,668
 
$
68,652
 
$
61,642
 
Interest expense
 
$
14,402
 
$
15,255
 
$
16,555
 
$
14,812
 
$
2,517
 
$
4,491
  Debt issuance amortization     540     502     367     121     312     438
  Capitalized interest     (1,611 )   (1,941 )   (1,666 )   (1,879 )   —     —

Fixed charges as defined
 
$
13,331
 
$
13,816
 
$
15,256
 
$
13,054
 
$
2,829
 
$
4,929

Ratio of earnings to fixed charges
 
 
5.6x
 
 
*
 
 
4.0x
 
 
7.3x
 
 
24.3x
 
 
12.5x
*
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