EX-12.1 3 a2168801zex-12_1.htm EXHIBIT 12.1
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Exhibit 12.1


Statement of Computation of Ratio of Earnings to Fixed Charges

 
  For the Year Ended May 31,
  Nine Months Ended
February 28,

 
  2005
  2004
  2003
  2002
  2001
  2006
  2005
 
   
   
   
   
   
  (unaudited)

 
  (In Thousands Except Per Share Data and Ratios)

   
   

Earnings Available for Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Earnings before income taxes   $ 21,639   $ 3,338   $ (16,672 ) $ (95,430 ) $ 21,655   $ 28,359   $ 9,655

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
Interest expense

 

 

15,665

 

 

17,581

 

 

19,150

 

 

19,424

 

 

21,640

 

 

12,605

 

 

11,851
  Amortization of capitalized interest     85     85     85     78         64     64
  Amortization of debt expense     1,166     1,024     181     177     127     764     940
  One-third of rent expense under operating leases (estimated by management to be the interest factor of such rent expense)     4,018     3,740     3,229     4,736     6,219     4,396     3,098
   
 
 
 
 
 
 
    Earnings available for fixed charges   $ 42,573   $ 25,768   $ 5,973   $ (71,015 ) $ 49,641   $ 46,188   $ 25,608
   
 
 
 
 
 
 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
Interest expense

 

 

15,665

 

 

17,581

 

$

19,150

 

$

19,424

 

$

21,640

 

$

12,605

 

$

11,851
  Amortization of capitalized interest     85     85     85     78         64     64
  Amortization of debt expense     1,166     1,024     181     177     127     764     940
  One-third of rent expense under operating leases (estimated by management to be the interest factor of such rent expense)     4,018     3,740     3,229     4,736     6,219     4,396     3,098
   
 
 
 
 
 
 
   
Total fixed charges

 

$

20,934

 

$

22,430

 

$

22,645

 

$

24,415

 

$

27,986

 

$

17,829

 

$

15,953
   
 
 
 
 
 
 
   
Ratio of earnings to fixed charges

 

 

2.0

 

 

1.2

 

 

0.3

 

 

—(1

)

 

1.8

 

 

2.6

 

 

1.6
   
 
 
 
 
 
 

(1)
Earnings were inadequate to cover fixed charges by $49.1 million for the year ended May 31, 2002.



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Statement of Computation of Ratio of Earnings to Fixed Charges