Exhibit 12
Calculation of Ratio of Earnings to Fixed Charges
(in thousands)
Three Months Ended | ||||||||||||||||||||||||||||
Years Ended July 31, | October 31, | |||||||||||||||||||||||||||
2000 | 2001 | 2002 | 2003 | 2004 | 2003 | 2004 (1) | ||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||
Income (loss) before cumulative effect of change in accounting principle | $ | 60,507 | $ | 34,206 | $ | 12,878 | $ | 12,392 | $ | 26,649 | $ | 533 | ($8,729 | ) | ||||||||||||||
Income tax provision (benefit) | 35,536 | 20,091 | 6,343 | 2,635 | 15,232 | 297 | (5,170 | ) | ||||||||||||||||||||
Earnings (loss) | 96,043 | 54,297 | 19,221 | 15,027 | 41,881 | 830 | (13,899 | ) | ||||||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||||||
Interest expense | 21,169 | 22,195 | 16,255 | 27,985 | 38,098 | 9,876 | 8,996 | |||||||||||||||||||||
Portion of rental expense representative of interest factor | 1,113 | 2,082 | 3,030 | 3,034 | 3,264 | 808 | 890 | |||||||||||||||||||||
Fixed charges | 22,282 | 24,277 | 19,285 | 31,019 | 41,362 | 10,684 | 9,886 | |||||||||||||||||||||
Capitalized interest | (580 | ) | — | — | — | — | — | — | ||||||||||||||||||||
Earnings (loss) before income tax provision and fixed charges | $ | 117,745 | $ | 78,574 | $ | 38,506 | $ | 46,046 | $ | 83,243 | $ | 11,514 | ($4,013 | ) | ||||||||||||||
Ratio of earnings (loss) to fixed charges | 5.3 | x | 3.2 | x | 2.0 | x | 1.5 | x | 2.0 | x | 1.1 | x | — | |||||||||||||||
(1) | For the three months ended October 31, 2004, earnings were insufficient to cover fixed charges. |