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Content analysis
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H.S. freshman Avg
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EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES
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| Twelve Months ended June 30, |
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Dollar Amounts in Thousands |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
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| (a) |
| (a) |
| (a) |
| (a) |
| (a) |
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Ratio |
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Earnings |
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Add: |
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Pre-tax loss from continuing operations adjusted for minority interests |
| $ | (204,676 | ) | $ | (20,058 | ) | $ | (17,732 | ) | $ | (35,419 | ) | $ | (9,104 | ) |
Fixed charges (see below) |
| 11,318 |
| 6,049 |
| 6,330 |
| 9,935 |
| 7,348 |
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Less: |
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Capitalized interest |
| (717 | ) | (1,987 | ) | (1,406 | ) | (2,463 | ) | (303 | ) | |||||
Pre-tax earnings to cover preferred stock dividend |
| (4,914 | ) | (2,858 | ) | (4,266 | ) | (6,380 | ) | (4,952 | ) | |||||
Total Earnings |
| $ | (198,989 | ) | $ | (18,853 | ) | $ | (17,074 | ) | $ | (34,327 | ) | $ | (7,010 | ) |
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Fixed Charges |
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Interest expensed (includes amortization) |
| $ | 5,625 |
| $ | 907 |
| $ | 466 |
| $ | 861 |
| $ | 1,932 |
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Interest capitalized |
| 717 |
| 1,987 |
| 1,406 |
| 2,463 |
| 303 |
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Estimate of interest within rental expense |
| 62 |
| 298 |
| 192 |
| 231 |
| 162 |
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Pre-tax earnings to cover preferred stock dividend - Preferred dividend / (1-36%) |
| 4,914 |
| 2,858 |
| 4,266 |
| 6,380 |
| 4,952 |
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Total Fixed Charges |
| $ | 11,318 |
| $ | 6,049 |
| $ | 6,330 |
| $ | 9,935 |
| $ | 7,348 |
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(a) Since the registrant’s has recorded a loss for all periods shown above, the ratio coverage was less than 1:1. In order to achieve a coverage ratio of 1:1, the Registrant must generate the following earnings for each period as shown below.
Earnings to increase ratio to 1:1 |
| $ | 210,307 |
| $ | 24,903 |
| $ | 23,404 |
| $ | 44,262 |
| $ | 14,359 |
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