EX-12.1 5 a2189419zex-12_1.htm EX-12.1

Exhibit 12.1

 

 

 

For the Year Ended May 31,

 

Three Months Ended
August 31,

 

 

 

2008

 

2007

 

2006

 

2005

 

2004

 

2008

 

 

 

(In Thousands Except Per Share Data and Ratios)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Available for Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

115,163

 

$

86,364

 

$

45,717

 

$

16,917

 

$

1,706

 

$

28,063

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

18,893

 

15,432

 

17,115

 

15,666

 

15,666

 

3,926

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of capitalized interest

 

 

 

85

 

85

 

85

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of debt expense

 

1,686

 

1,269

 

804

 

1,166

 

1,024

 

747

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One-third of rent expense under operating leases (estimated by management to be the interest factor of such rent expense)

 

7,239

 

5,961

 

4,684

 

4,025

 

3,748

 

2,102

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

$

142,981

 

$

109,026

 

$

68,405

 

$

37,859

 

$

22,229

 

$

34,838

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

18,893

 

15,432

 

$

17,115

 

$

15,666

 

$

15,666

 

$

3,926

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of capitalized interest

 

 

 

85

 

85

 

85

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of debt expense

 

1,686

 

1,269

 

804

 

1,166

 

1,024

 

747

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One-third of rent expense under operating leases (estimated by management to be the interest factor of such rent expense)

 

7,239

 

5,961

 

4,684

 

4,025

 

3,748

 

2,102

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

27,818

 

$

22,662

 

$

22,688

 

$

20,942

 

$

20,523

 

$

6,775

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

5.1

 

4.8

 

3.0

 

1.8

 

1.1

 

5.1