Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands, except Ratio Data)
| Years Ended July 31, | ||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income before income taxes | $ | 144,058 | 109,402 | 97,272 | $ | 186,187 | $ | 151,928 | ||||||||||||
Add back: | ||||||||||||||||||||
Fixed charges less interest capitalized | 24,012 | 23,248 | 27,128 | 29,059 | 25,156 | |||||||||||||||
Less: | ||||||||||||||||||||
Preferential stock dividends and premium on redemption of preferred stock | — | — | — | — | — | |||||||||||||||
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Total earnings | $ | 168,070 | 132,650 | $ | 124,400 | $ | 215,246 | $ | 177,084 | |||||||||||
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Fixed Charges: | ||||||||||||||||||||
Interest, capitalized and expensed | $ | 21,777 | 20,852 | 24,541 | $ | 26,385 | $ | 22,936 | ||||||||||||
Amortization of debt expense | 347 | 379 | 379 | 341 | 284 | |||||||||||||||
Interest portion of rent expense | 1,888 | 2,017 | 2,208 | 2,333 | 1,936 | |||||||||||||||
Preferential stock dividends and premium on redemption of preferred stock | — | — | — | — | — | |||||||||||||||
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Total Fixed Charges | $ | 24,012 | 23,248 | $ | 27,128 | $ | 29,059 | $ | 25,156 | |||||||||||
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Ratio of Earnings to Fixed Charges (1) | 7.0 | 5.7 | 4.6 | 7.4 | 7.0 | |||||||||||||||
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| (1) | The ratio of earnings to fixed charges has been computed by adding income before income taxes and fixed charges less interest capitalized and subtracting preferred stock dividends and premium on redemption of preferred stock to derive total earnings, and dividing total earnings by fixed charges. Fixed charges consist of interest expensed and capitalized, amortization of debt expense, 8.5% of rent expense which is deemed representative of an interest factor and preferred stock dividends and premium on redemption of preferred stock. Interest excludes uncertain tax positions which is included in income tax expense. |
