EX-12.1 2 a2153129zex-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,
   Three months
ended
January 31,
2005
 
   2000
   2001
   2002
   2003
   2004
 
   (dollars in thousands, except per share data)
Income (loss) before income taxes   $ (14,856 ) $ 45,622   $ 81,614   $ 65,823   $ 88,775   $ 46,302
Add:                                    
  Interest expense     15,255     16,555     14,812     2,517     5,514     2,237
  Debt issuance amortization     502     367     121     312     535     146
  Capitalized interest     (1,941 )   (1,666 )   (1,879 )   —     —     —
   
 
 
 
 
 

Earnings (loss) as defined
 
$
(1,040
)
$
60,878
 
$
94,668
 
$
68,652
 
$
94,824
 
$
48,685
 
Interest expense
 
$
15,255
 
$
16,555
 
$
14,812
 
$
2,517
 
$
5,514
 
$
2,237
  Debt issuance amortization     502     367     121     312     535     146
  Capitalized interest     (1,941 )   (1,666 )   (1,879 )   —     —     —
   
 
 
 
 
 

Fixed charges as defined
 
$
13,816
 
$
15,256
 
$
13,054
 
$
2,829
 
$
6,049
 
$
2,383

Ratio of earnings to fixed charges
 
 
*
 
 
4.0x
 
 
7.3x
 
 
24.3x
 
 
15.7x
 
 
20.4x
*
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