EX-12.1 4 c98146exv12w1.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12w1
 

Computation of Ratio of Earnings to Fixed Charges   Exhibit 12.1
(Dollars in thousands, except Ratio Data)    
                                                 
    Nine Months Ended     Years Ended July 31,  
    April 30, 2005     2004     2003     2002     2001     2000  
     
Earnings:
                                               
Income before income taxes
  $ 92,805     $ 70,327     $ 32,455     $ 43,135     $ 44,790     $ 76,131  
Add back:
                                               
Fixed charges less interest capitalized
    7,225       2,362       1,301       1,239       1,589       1,786  
Less:
                                               
Preferred stock dividends and premium on redemption of preferred stock
                    (262 )     (395 )     (421 )     (418 )
     
Total earnings
  $ 100,030     $ 72,689     $ 33,494     $ 43,978     $ 45,958     $ 77,499  
     
 
                                               
Fixed Charges:
                                               
Interest, capitalized and expensed
  $ 6,304     $ 1,231     $ 121     $ 82     $ 418     $ 578  
Amortization of debt expense
    160       61                                  
Interest portion of rent expense
    788       1,070       918       761       750       790  
Preferred stock dividends and premium on redemption of preferred stock
                    262       395       421       418  
     
Total Fixed Charges
  $ 7,252     $ 2,362     $ 1,301     $ 1,239     $ 1,589     $ 1,786  
     
 
                                               
Ratio of Earnings to Fixed Charges ( 1 )
    13.8       30.8       25.7       35.5       28.9       43.4  
     
 
(1)   The ratio of earnings to fixed charges has been computed by adding income before income taxes and fixed charges less interest capitalized and subtracting preferred stock dividends and premium on redemption of preferred stock to derive total earnings, and dividing total earnings by fixed charges. Fixed charges consist of interest expensed and capitalized, amortization of debt expense, 8.5% of rent expense which is deemed representative of an interest factor and preferred stock dividends and premium on redemption of preferred stock.