EX-12 2 a08-11297_1ex12.htm EX-12

EXHIBIT (12)

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Twelve

 

 

 

Months Ended

 

 

 

March 31, 2008

 

 

 

 

 

Income before provision for income taxes and fixed charges (Note A)

 

$

96,390,368

 

 

 

 

 

Fixed charges:

 

 

 

Interest on long-term debt

 

$

32,248,704

 

Interest on short-term debt

 

2,443,098

 

Interest on note payable to securitization trust

 

4,250,000

 

Other interest

 

1,026,223

 

Rental expense representative of an interest factor (Note B)

 

4,873,627

 

 

 

 

 

Total fixed charges

 

$

44,841,652

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.15

x

 

NOTE A:

For the purpose of determining earnings in the calculation of the ratio, net income from continuing operations has been increased by the provision for income taxes, non-operating income taxes, minority interest and by the sum of fixed charges as shown above.

 

 

NOTE B:

One-third of rental expense (which approximates the interest factor).