EX-12.1 4 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

 

    

For the Fiscal Year Ended

February 28 or 29,

 

(Dollars in thousands)

   2002     2003     2004    2005     2006  
Earnings:            

Income (loss) from continuing operations before income taxes

   $ (203,447 )   $ 186,161     $ 158,521    $ 106,825     $ 138,935  

Adjustment for minority interest

     (1,717 )     (111 )     141      (348 )     (59 )
                                       

Total earnings

   $ (205,164 )   $ 186,050     $ 158,662    $ 106,477     $ 138,876  
                                       

Fixed Charges:

           

Interest expense*

   $ 78,433     $ 78,972     $ 85,690    $ 79,397     $ 35,124  

Interest portion of rental expense**

     22,833       23,164       23,665      21,227       18,607  
                                       

Total fixed charges

   $ 101,266     $ 102,136     $ 109,355    $ 100,624     $ 53,731  
                                       

Total earnings before fixed charges

   $ (103,898 )   $ 288,186     $ 268,017    $ 207,101     $ 192,607  

Ratio of earnings to fixed charges

     ***       2.8       2.5      2.1       3.6  

 


* Amortization of debt discount and premium is included in interest expense.
** Interest portion of rental expense is estimated to equal 1/3 of such expense, which is considered a reasonable approximation of the interest factor.
*** Earnings for the fiscal year ended February 28, 2002 were inadequate to cover fixed charges. The coverage deficiency was $205,164.