Exhibit 12
Calculation of Ratio of Earnings to Fixed Charges
(in thousands)
Nine Months Ended | ||||||||||||||||||||||||||||
Years Ended July 31, | April 30, | |||||||||||||||||||||||||||
1999 | 2000 | 2001 | 2002 | 2003 | 2003 | 2004 | ||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||
Income before cumulative effect of change in accounting principle | $ | 61,271 | $ | 60,507 | $ | 34,206 | $ | 12,878 | $ | 12,392 | $ | 6,720 | $ | 11,378 | ||||||||||||||
Income tax provision | 29,745 | 35,536 | 20,091 | 6,343 | 2,635 | 3,162 | 6,484 | |||||||||||||||||||||
Earnings | 91,016 | 96,043 | 54,297 | 19,221 | 15,027 | 9,882 | 17,862 | |||||||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||||||
Interest expense | 1,772 | 21,169 | 22,195 | 16,255 | 27,985 | 18,340 | 28,824 | |||||||||||||||||||||
Portion of rental expense representative of interest factor | 705 | 1,113 | 2,082 | 3,030 | 3,034 | 1,950 | 2,439 | |||||||||||||||||||||
Fixed charges | 2,477 | 22,282 | 24,277 | 19,285 | 31,019 | 20,290 | 31,263 | |||||||||||||||||||||
Capitalized interest | — | (580 | ) | — | — | — | — | — | ||||||||||||||||||||
Earnings before income tax provision and fixed charges | $ | 93,493 | $ | 117,745 | $ | 78,574 | $ | 38,506 | $ | 46,046 | $ | 30,172 | $ | 49,125 | ||||||||||||||
Ratio of earnings to fixed charges | 37.7x | 5.3x | 3.2x | 2.0x | 1.5x | 1.5x | 1.6x | |||||||||||||||||||||