EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES AND DIVIDENDS
| Years Ended August 31, | |||||||||||||||||||||
| (in thousands) | 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||
EARNINGS: | |||||||||||||||||||||
| Income before income taxes | $ | 136,541 | $ | 144,838 | $ | 152,954 | $ | 91,268 | $ | 92,980 | |||||||||||
| ADD: | |||||||||||||||||||||
| Minority interests | 21,950 | 15,390 | 35,098 | 24,547 | 10,017 | ||||||||||||||||
| Fixed charges, as shown below | 66,306 | 57,813 | 77,267 | 75,085 | 56,221 | ||||||||||||||||
| Redemptions received from equity method investees | 35,939 | 37,689 | 30,104 | 41,250 | 8,829 | ||||||||||||||||
| Redemptions received from cooperatives and other investments | 8,467 | 6,310 | 1,672 | 2,638 | 2,412 | ||||||||||||||||
| SUBTRACT: | |||||||||||||||||||||
| Equity in income of investees | (47,299 | ) | (58,133 | ) | (28,494 | ) | (28,325 | ) | (22,363 | ) | |||||||||||
| Noncash patronage refunds | (1,795 | ) | (2,327 | ) | (3,896 | ) | (6,825 | ) | (4,848 | ) | |||||||||||
| Interest capitalized | (3,905 | ) | (2,105 | ) | (1,244 | ) | (2,709 | ) | (1,732 | ) | |||||||||||
EARNINGS AS ADJUSTED | $ | 216,204 | $ | 199,475 | $ | 263,461 | $ | 196,927 | $ | 141,516 | |||||||||||
FIXED CHARGES: | |||||||||||||||||||||
| Interest | $ | 52,580 | $ | 44,560 | $ | 62,680 | $ | 60,276 | $ | 44,171 | |||||||||||
| Amortization of debt costs expensed or capitalized | 3,162 | 3,030 | 2,747 | 2,116 | 2,131 | ||||||||||||||||
| Appropriate portion (1/3) of rent expense | 10,563 | 10,223 | 11,840 | 12,694 | 9,919 | ||||||||||||||||
TOTAL FIXED CHARGES | 66,305 | 57,813 | 77,267 | 75,085 | 56,221 | ||||||||||||||||
PREFERRED DIVIDEND FACTOR: | 5,539 | 276 | — | — | — | ||||||||||||||||
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | $ | 71,844 | $ | 58,089 | $ | 77,267 | $ | 75,085 | $ | 56,221 | |||||||||||
RATIO | 3.0x | 3.4x | 3.4x | 2.6x | 2.5x | ||||||||||||||||