| RATIO OF EARNINGS TO FIXED CHARGES | EXHIBIT 12.1 |
| Year Ended | Eight Months Ended | Four Months Ended | ||||||||||||||||||||||||
| 1/31/08 | 1/31/07 | 1/31/06 | 1/31/05 | 1/31/2004 | 5/31/03 | |||||||||||||||||||||
| Earnings Definition | ||||||||||||||||||||||||||
| Add | (a) Pre-Tax income from continuing operations before minority interest | (130.9 | ) | (70.7 | ) | (263.2 | ) | (16.3 | ) | (23.6 | ) | 25.3 | ||||||||||||||
| (b) Fixed Charges | 68.8 | 79.6 | 69.9 | 44.5 | 33.4 | 20.8 | ||||||||||||||||||||
| (c) Amortization of capitalized interest | 3.8 | 4.3 | 4.4 | 4.0 | (16.7 | ) | 8.4 | |||||||||||||||||||
| (d) Distributed income of equity investees | ||||||||||||||||||||||||||
| (e) Pre-tax losses of equity investees for charges arising from guarantees are included in fixed charges | — | — | — | — | — | — | ||||||||||||||||||||
| Subtotal | (58.3 | ) | 13.2 | (188.9 | ) | 32.2 | (6.9 | ) | 54.5 | |||||||||||||||||
| Subtract | (a) Interest Capitalized | 4.6 | 2.6 | 3.7 | — | 3.5 | 6.8 | |||||||||||||||||||
| (b) Preference security dividend requirements of consolidated subs | 0.7 | 0.4 | 0.8 | 0.8 | 0.5 | — | ||||||||||||||||||||
| (c) Minority interest in pre-tax income of subs that have not incurred fixed charges | 21.0 | 10.6 | 7.8 | 8.5 | 3.4 | 1.2 | ||||||||||||||||||||
| Subtotal | 26.3 | 13.6 | 12.3 | 9.3 | 7.4 | 8.0 | ||||||||||||||||||||
| Earnings | (84.6 | ) | (0.4 | ) | (201.2 | ) | 22.9 | (14.3 | ) | 46.5 | ||||||||||||||||
| Fixed Charges | ||||||||||||||||||||||||||
| (a) Interest Expensed and Capitalized | 63.0 | 73.5 | 63.5 | 38.4 | 48.6 | 12.3 | ||||||||||||||||||||
| (b) Amortized premiums discounts and capitalized expenses related to indebtedness | 3.8 | 4.3 | 4.4 | 4.0 | (16.7 | ) | 8.4 | |||||||||||||||||||
| (c) Estimate of the interest within rental expense | 1.3 | 1.4 | 1.2 | 1.3 | 1.0 | 0.1 | ||||||||||||||||||||
| (d) Preference security dividend requirements of consolidated subs | 0.7 | 0.4 | 0.8 | 0.8 | 0.5 | — | ||||||||||||||||||||
| Total Fixed Charges | 68.8 | 79.6 | 69.9 | 44.5 | 33.4 | 20.8 | ||||||||||||||||||||
| Ratio | Ratio of Earnings to Fixed Charges | (1.2 | ) | (0.0 | ) | (2.9 | ) | 0.5 | (0.4 | ) | 2.2 | |||||||||||||||
Deficiency | $ | 153.4 | $ | 80.0 | $ | 271.1 | $ | 21.6 | $ | 47.7 | $ | — | ||||||||||||||