| Years Ended August 31, | ||||||||||||||||||||
| (in thousands) | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||
EARNINGS: | ||||||||||||||||||||
| Income from continuing operations before income taxes | $ | 538,999 | $ | 297,260 | $ | 256,703 | $ | 145,104 | $ | 147,873 | ||||||||||
| ADD: | ||||||||||||||||||||
| Minority interests | 85,974 | 47,736 | 33,830 | 21,950 | 15,390 | |||||||||||||||
| Fixed charges, as shown below | 72,056 | 74,540 | 67,463 | 63,888 | 56,211 | |||||||||||||||
| Distributions from equity investments | 58,240 | 64,869 | 58,702 | 35,939 | 37,689 | |||||||||||||||
| Investments redeemed — equity investees, cooperatives and other | 7,283 | 13,514 | 15,937 | 8,467 | 6,310 | |||||||||||||||
| SUBTRACT: | ||||||||||||||||||||
| Equity in income of investees | (84,188 | ) | (95,742 | ) | (79,022 | ) | (47,299 | ) | (58,133 | ) | ||||||||||
| Noncash patronage refunds | (4,969 | ) | (3,060 | ) | (4,986 | ) | (1,795 | ) | (2,327 | ) | ||||||||||
| Interest capitalized | (4,652 | ) | (6,836 | ) | (2,817 | ) | (3,905 | ) | (2,105 | ) | ||||||||||
EARNINGS AS ADJUSTED | $ | 668,743 | $ | 392,281 | $ | 345,810 | $ | 222,349 | $ | 200,908 | ||||||||||
FIXED CHARGES: | ||||||||||||||||||||
| Interest | $ | 55,214 | $ | 58,367 | $ | 51,534 | $ | 50,163 | $ | 42,958 | ||||||||||
| Amortization of debt costs expensed or capitalized | 4,014 | 4,569 | 3,971 | 3,162 | 3,030 | |||||||||||||||
| Appropriate portion (1/3) of rent expense | 12,828 | 11,604 | 11,958 | 10,563 | 10,223 | |||||||||||||||
TOTAL FIXED CHARGES | 72,056 | 74,540 | 67,463 | 63,888 | 56,211 | |||||||||||||||
PREFERRED DIVIDEND FACTOR: | 12,767 | 10,815 | 9,339 | 5,539 | 276 | |||||||||||||||
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | $ | 84,823 | $ | 85,355 | $ | 76,802 | $ | 69,427 | $ | 56,487 | ||||||||||
RATIO | 7.9 | x | 4.6 | x | 4.5 | x | 3.2 | x | 3.6 | x | ||||||||||
