EX-12.1 4 exhibit121-09292008.htm CALCULATION OF RATIO OF ERNINGS TO FIXED CHARGES exhibit121-09292008.htm
Exhibit 12.1
 
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SHARE DISTRIBUTIONS
(In Thousands, Except Ratios; Unaudited)
 

     
Three Months Ended
   
Fiscal Year Ended
April 30,
 
     
July 31, 2008
   
2008
   
2007
   
2006
   
2005
   
2004
 
Earnings
                                     
Income from continuing operations
  $ 2,358     $ 11,675     $ 11,026     $ 8,766     $ 7,768     $ 7,376  
Add:
                                                 
 
Minority interest
    647       3,524       3,217       1,892       1,727       2,161  
 
Combined fixed charges and preferred distributions (see below)
    17,824       66,317       60,866       53,070       49,564       41,331  
Less:
                                                 
 
Interest capitalized
    (343 )     (506 )     (69 )     (21 )     (138 )     (149 )
 
Preferred distributions
    (593 )     (2,372 )     (2,372 )     (2,372 )     (2,372 )     (33 )
Total earnings
  $ 19,893     $ 78,638     $ 72,668     $ 61,335     $ 56,549     $ 50,686  
                                                   
Fixed charges
                                               
 
Interest expensed
  $ 16,888     $ 63,439     $ 58,425     $ 50,677     $ 47,054     $ 41,149  
 
Interest capitalized
    343       506       69       21       138       149  
Total Fixed charges
  $ 17,231     $ 63,945     $ 58,494     $ 50,698     $ 47,192     $ 41,298  
 
Preferred distributions
    593       2,372       2,372       2,372       2,372       33  
Total Combined fixed charges and preferred distributions
  $ 17,824     $ 66,317     $ 60,866     $ 53,070     $ 49,564     $ 41,331  
                                                   
Ratio of earnings to fixed charges
    1.15       1.23       1.24       1.21       1.20       1.23  
Ratio of earnings to combined fixed charges and preferred distributions
    1.12       1.19       1.19       1.16       1.14       1.23