EX-12 3 l17143aexv12.htm EX-12 COMPUTATION OF RATIO OF EARNIGNS TO FIXED CHARGES EX-12
 

Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
     Set forth below is information concerning our ratio of earnings to fixed charges on a consolidated basis for the periods indicated. This ratio shows the extent to which our business generates enough earnings after the payment of all expenses other than interest to make the required interest payments on the notes.
     The ratio of earnings to fixed charges in computed by dividing earnings before fixed charges by fixed charges. Earnings before fixed charges consist of earnings (loss) before income tax, minority interest and equity in unconsolidated subsidiaries, plus fixed charges. Fixed charges consist of interest expense, amortization of debt issuance costs and the portion of rental expense that we believe is representative of the interest component of lease expense. For the year ended August 31, 2002, there was a deficiency of earnings to fixed charges of $47.2 million.
                                                         
    Years Ended August 31,     Three months ended November 30  
    2001     2002     2003     2004     2005     2004     2005  
    (in thousands, except for ratios)  
Earnings (loss) before income tax, minority interest and equity in unconsolidated subsidiaries
  $ 8,523     $ (47,230 )   $ 10,758     $ 31,194     $ 50,000     $ 9,675     $ 12,779  
Interest expense
    22,264       19,055       14,489       11,553       14,000       2,734       4,843  
Estimated interest portion of net rent expense
    7,181       6,287       6,136       5,388       5,591       1,326       1,956  
 
                                         
 
  $ 37,968     $ (21,888 )   $ 31,383     $ 48,135     $ 69,591     $ 13,735     $ 19,578  
 
                                         
Fixed charges
  $ 29,445     $ 25,342     $ 20,625     $ 16,941     $ 19,591     $ 4,060     $ 6,799  
Ratio of earnings to fixed charges
    1.29x       (0.86)x       1.52x       2.84x       3.55x       3.38x       2.88x