EX-12.1 9 d06928exv12w1.txt EX-12.1 STATEMENT REGARDING COMPUTATION OF RATIOS . . . EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLAR AMOUNTS IN THOUSANDS)
Fiscal Years Ended May 31, -------------------------------------------------------------------------- 2002 1998 1999 2000 2001 2002 Pro Forma ---------- ---------- ---------- ---------- ---------- ---------- Income before income taxes per income statement ...................... $ 159,590 $ 144,097 $ 114,974 $ 48,571 $ 83,550 $ 83,550 Add: Portion of rents representative of the interest factor ................ 6,650 6,200 7,279 9,585 8,687 8,687 Interest on Indebtedness .............. 20,088 10,216 30,220 34,376 38,334 56,610 Amortization of debt issue costs ...... 372 1,094 2,523 2,685 4,346 2,188 Amortization of capitalized interest .. -- -- 1,424 1,708 2,808 2,808 ---------- ---------- ---------- ---------- ---------- ---------- Income as adjusted ...................... $ 186,700 $ 161,607 $ 156,419 $ 96,926 $ 137,725 $ 153,843 ========== ========== ========== ========== ========== ========== Fixed charges Interest on indebtedness (A) ......... $ 20,088 $ 10,216 $ 30,220 $ 34,376 $ 38,334 $ 56,610 Amortization of debt issue costs (B) .. 372 1,094 2,523 2,685 4,346 2,188 Capitalized interest (C) .............. 4,626 23,230 12,705 15,601 -- -- Rents: Total for Company ..................... 22,200 20,700 24,300 32,000 29,000 29,000 Portion of rents representative of the interest factor (D) ........... 6,650 6,200 7,279 9,585 8,687 8,687 Preferred stock dividends (E) ......... -- 10,878 11,000 11,000 11,000 11,000 ---------- ---------- ---------- ---------- ---------- ---------- Fixed charges (A) + (B) + (C) + (D) + (E) ........... $ 31,736 $ 51,619 $ 63,727 $ 73,247 $ 62,367 $ 78,485 ========== ========== ========== ========== ========== ========== Ratio of earnings to fixed charges ...... 5.9 3.1 2.5 1.3 2.2 2.0 ========== ========== ========== ========== ========== ========== Deficiency of earnings to cover fixed charges ......................... Nine Months Ended Twelve Months Ended February 28, February 28, ------------------------------------- ----------------------- 2003 2003 2002 2003 Pro Forma 2003 Pro Forma ---------- ---------- ---------- ---------- ---------- Income before income taxes per income statement ...................... $ 48,658 $ (21,408) $ (21,408) $ 13,574 $ 13,574 Add: Portion of rents representative of the interest factor ................ 6,558 6,248 6,248 8,193 8,193 Interest on Indebtedness .............. 29,860 23,082 37,774 31,556 50,938 Amortization of debt issue costs ...... 3,339 2,791 1,641 3,798 2,188 Amortization of capitalized interest .. 2,106 2,106 2,106 2,808 2,808 ---------- ---------- ---------- ---------- ---------- Income as adjusted ...................... $ 90,521 $ 12,819 $ 26,360 $ 59,929 $ 77,700 ========== ========== ========== ========== ========== Fixed charges Interest on indebtedness (A) ......... $ 29,860 $ 23,082 $ 37,774 $ 31,556 $ 50,938 Amortization of debt issue costs (B) .. 3,339 2,791 1,641 3,798 2,188 Capitalized interest (C) .............. -- -- -- -- Rents: Total for Company ..................... 21,894 20,857 20,857 27,351 27,351 Portion of rents representative of the interest factor (D) ........... 6,558 6,248 6,248 8,193 8,193 Preferred stock dividends (E) ......... 8,250 8,248 8,248 10,998 10,998 ---------- ---------- ---------- ---------- ---------- Fixed charges (A) + (B) + (C) + (D) + (E) ........... $ 48,007 $ 40,369 $ 53,910 $ 54,545 $ 72,316 ========== ========== ========== ========== ========== Ratio of earnings to fixed charges ...... 1.9 0.3 0.5 1.1 1.1 ========== ========== ========== ========== ========== Deficiency of earnings to cover fixed charges ......................... $ 27,550 $ 27,550 ========== ==========