EX-12 2 dex12.htm COMPUTATION OF RATIO OF EARNINGS Computation of ratio of earnings

Exhibit 12

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 

     Year Ended September 30,     Year to date Ended
June 30,
 
(in thousands)    2006      2007      2008     2009     2010     2011  

Fixed Charges Computation

              

Interest expensed and capitalized (1)

   $ 35,119       $ 29,671       $ 23,205      $ 34,459      $ 56,344      $ 96,291   

Amortized premiums, discounts, and capitalized expenses related to indebtedness

     2,843         9,075         8,747        13,459        16,027        17,111   

Reasonable approximation of interest within rental expense

     3,092         3,440         3,499        3,919        4,177        2,852   
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Charges and Preferred Equity Dividends

   $ 41,054       $ 42,186       $ 35,451      $ 51,837      $ 76,548      $ 116,254   
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Earnings Computation

              

Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees

   $ 137,816       $ 55,479       $ (167,848   $ (518,269   $ (99,344   $ (182,244

Plus

              

Fixed charges

     41,054         42,186         35,451        51,837        76,548        116,254   

Minus

              

Interest capitalized

     1,027         784         894        1,396        441        54   
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total Earnings

   $ 177,843       $ 96,881       $ (133,291   $ (467,828   $ (23,237   $ (66,044
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

     4.33         2.30         N/A     N/A     N/A     N/A

 

* Total earnings for these periods were less than zero dollars. The deficiency of earnings to fixed charges for the years ended September 30, 2008, 2009, 2010 and for the nine months ended June 30, 2011 were $168.7 million, $519.7 million, $99.8 million, and $182.3 million respectively.
(1) Interest expense associated with unrecognized tax benefits is included in income tax expense, not with interest expense.