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Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
| Year Ended November 30, | | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 6 Months Ended May 31, 2002 | ||||||||||||||||||
| 1997 | 1998 | 1999 | 2000 | 2001 | ||||||||||||||
Earnings: | |||||||||||||||||||
Income from continuing operations before income taxes | $ | 54 | $ | 60 | $ | 74 | $ | 87 | $ | 187 | $ | 15 | |||||||
Fixed charges included in income from operations per below | 14 | 8 | 7 | 20 | 36 | 8 | |||||||||||||
Minority interest | — | — | — | (3 | ) | (4 | ) | — | |||||||||||
Amortization of financing costs | — | — | — | — | 3 | 2 | |||||||||||||
Total earnings | 68 | 68 | 81 | 104 | 222 | 25 | |||||||||||||
Fixed Charges: | |||||||||||||||||||
Interest expense | $ | 12 | $ | 6 | $ | 6 | $ | 18 | $ | 33 | $ | 7 | |||||||
Portion of rent expense representing interest | 2 | 2 | 1 | 2 | 3 | 1 | |||||||||||||
Fixed charges included in income from operations | 14 | 8 | 7 | 20 | 36 | 8 | |||||||||||||
Capitalized financing costs | — | — | 1 | — | 14 | 6 | |||||||||||||
Total fixed charges | 14 | 8 | 8 | 20 | 50 | 14 | |||||||||||||
Ratio of earnings to fixed charges | 4.9 | 8.5 | 10.1 | 5.2 | 4.4 | 1.8 | |||||||||||||
Computation of Ratio of Earnings to Fixed Charges