EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
(unaudited)
Year Ended October 31, | Three Months Ended July 31, 2005 | Nine Months Ended July 31, 2005 | ||||||||||||||||||||||
(amounts in thousands, except ratios) | 2000 | 2001 | 2002 | 2003 | 2004 | |||||||||||||||||||
Consolidated pretax earnings from continuing operations before minority interest | $ | 68,676 | $ | (270,355 | ) | $ | (95,722 | ) | $ | (54,597 | ) | $ | 75,518 | $ | 10,570 | $ | 465,626 | |||||||
Interest expense | — | — | — | — | 992 | 750 | 2,250 | |||||||||||||||||
Amortization of debt issuance costs | — | — | — | — | 982 | 743 | 2,229 | |||||||||||||||||
Interest portion of rental expense | 10,200 | 10,500 | 8,700 | 7,200 | 6,440 | 1,676 | 5,161 | |||||||||||||||||
Earnings | $ | 78,876 | $ | (259,855 | ) | $ | (87,022 | ) | $ | (47,397 | ) | $ | 83,932 | $ | 13,739 | $ | 475,266 | |||||||
Interest expense | $ | — | $ | — | $ | — | $ | — | $ | 992 | $ | 750 | $ | 2,250 | ||||||||||
Amortization of debt issuance costs | — | — | — | — | 982 | 743 | 2,229 | |||||||||||||||||
Interest portion of rental expense | 10,200 | 10,500 | 8,700 | 7,200 | 6,440 | 1,676 | 5,161 | |||||||||||||||||
Fixed charges | $ | 10,200 | $ | 10,500 | $ | 8,700 | $ | 7,200 | $ | 8,414 | $ | 3,169 | $ | 9,640 | ||||||||||
Ratio of earnings to fixed charges | 7.7 | (a) | (a) | (a) | 10.0 | 4.3 | 49.3 | |||||||||||||||||
(a) | Due to the loss in fiscal 2001, 2002, and 2003, the ratio coverage was less than 1:1 in each of those periods. The Company would have had to generate additional earnings of $259.9 million, $87.0 million, and $47.4 million in fiscal 2001, 2002, and 2003, respectively, to achieve a coverage of 1:1. |