EX-12 2 y15553exv12.htm EX-12: COMPUTATION OF RATIOS EX-12
 

Exhibit 12
Computation of Ratio of Earnings to Fixed Charges (amounts in thousands)
                                           
    Year Ended May 31,
     
    2005   2004   2003   2002   2001
                     
Income (loss) from continuing operations before income tax expense (benefit), income from equity investments, minority interest in income of subsidiaries, and cumulative effect of change in accounting principle
  $ 22,177     $ (6,889 )   $ (4,561 )   $ (80,236 )   $ 357,899  
Plus adjustment so as to only include distributed income of less than 50% owned equity investments
    737       14       67       43       16,423  
 
Add: Fixed Charges
    163,708       210,431       153,457     $ 160,425       161,625  
 
Less: Capitalized interest
                (216 )     (2,193 )      
 
Less: Preferred stock dividends
                             
                               
Earnings,as defined
  $ 186,622     $ 203,556     $ 148,747     $ 78,039     $ 535,947  
                               
Fixed charges:
                                       
 
Interest expense, including amortization of debt issuance costs
    145,041       162,922       145,512       150,765       156,137  
 
Loss on extinguishment of debt
    9,052       39,176                    
 
Interest portion of rent expense
    9,615       8,333       7,729       7,467       5,488  
 
Capitalized interest
                216       2,193        
 
Preferred stock dividends
                             
                               
Fixed charges, as defined
  $ 163,708     $ 210,431     $ 153,457     $ 160,425       161,625  
                               
Ratio of earnings to fixed charges
    1.14       (1)     (1)     (1)     3.32  
                               
Amount by which earnings exceed (are less than) fixed charges
  $ 22,914     $ (6,875 )   $ (4,710 )   $ (82,386 )     374,322  
                               
 
(1)  The ratio of earnings to fixed charges was less than one-to-one and, therefore, earnings were inadequate to cover fixed charges.