| Three Months Ended | ||||||||||||||||||||||||||||
| November 30, | Years Ended August 31, | |||||||||||||||||||||||||||
| (in thousands) | 2005 | 2004 | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||||||
| Income before income taxes | $ | 174,845 | $ | 23,023 | $ | 297,260 | $ | 256,703 | $ | 145,104 | $ | 147,873 | $ | 155,246 | ||||||||||||||
| ADD: | ||||||||||||||||||||||||||||
| Minority interests | 32,161 | 8,189 | 47,736 | 33,830 | 21,950 | 15,390 | 35,098 | |||||||||||||||||||||
| Fixed charges, as shown below | 17,588 | 16,068 | 81,048 | 70,370 | 66,305 | 57,813 | 77,267 | |||||||||||||||||||||
| Redemptions received from equity method investees | 3,533 | 22,520 | 74,231 | 65,158 | 35,939 | 37,689 | 30,104 | |||||||||||||||||||||
| Redemptions received from cooperatives and other investments | 1,175 | 983 | 4,152 | 9,481 | 8,467 | 6,310 | 1,672 | |||||||||||||||||||||
| SUBTRACT: | ||||||||||||||||||||||||||||
| Equity in income of investees | (9,177 | ) | (16,683 | ) | (95,742 | ) | (79,022 | ) | (47,299 | ) | (58,133 | ) | (28,494 | ) | ||||||||||||||
| Noncash patronage refunds | (251 | ) | (221 | ) | (3,060 | ) | (4,986 | ) | (1,795 | ) | (2,327 | ) | (3,896 | ) | ||||||||||||||
| Interest capitalized | (1,648 | ) | (863 | ) | (6,836 | ) | (2,817 | ) | (3,905 | ) | (2,105 | ) | (1,244 | ) | ||||||||||||||
EARNINGS AS ADJUSTED | $ | 218,226 | $ | 53,016 | $ | 398,789 | $ | 348,717 | $ | 224,766 | $ | 202,510 | $ | 265,753 | ||||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||||||
| Interest | $ | 13,524 | $ | 12,456 | $ | 64,875 | $ | 54,441 | $ | 52,580 | $ | 44,560 | $ | 62,680 | ||||||||||||||
| Amortization of debt costs expensed or capitalized | 941 | 1,086 | 4,569 | 3,971 | 3,162 | 3,030 | 2,747 | |||||||||||||||||||||
| Appropriate portion (1/3) of rent expense | 3,123 | 2,526 | 11,604 | 11,958 | 10,563 | 10,223 | 11,840 | |||||||||||||||||||||
TOTAL FIXED CHARGES | 17,588 | 16,068 | 81,048 | 70,370 | 66,305 | 57,813 | 77,267 | |||||||||||||||||||||
PREFERRED DIVIDEND FACTOR: | 2,842 | 2,426 | 10,815 | 9,339 | 5,539 | 276 | — | |||||||||||||||||||||
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | $ | 20,430 | $ | 18,494 | $ | 91,863 | $ | 79,709 | $ | 71,844 | $ | 58,089 | $ | 77,267 | ||||||||||||||
RATIO | 10.7 | x | 2.9 | x | 4.3 | x | 4.4 | x | 3.1 | x | 3.5 | x | 3.4 | x | ||||||||||||||
