| Three Months Ended | ||||||||||||||||||||||||||||
| November 30, | Years Ended August 31, | |||||||||||||||||||||||||||
| (in thousands) | 2006 | 2005 | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||||||
| Income from continuing operations before income taxes | $ | 153,453 | $ | 174,504 | $ | 538,999 | $ | 297,260 | $ | 256,703 | $ | 145,104 | $ | 147,873 | ||||||||||||||
| ADD: | ||||||||||||||||||||||||||||
| Minority interests | 18,912 | 32,161 | 85,974 | 47,736 | 33,830 | 21,950 | 15,390 | |||||||||||||||||||||
| Fixed charges, as shown below | 17,027 | 17,386 | 72,056 | 74,540 | 67,463 | 63,888 | 56,211 | |||||||||||||||||||||
| Distributions from equity investments | 15,272 | 3,532 | 58,240 | 64,869 | 58,701 | 35,939 | 37,689 | |||||||||||||||||||||
| Investments redeemed — equity investees, cooperatives and other | 1,376 | 1,175 | 7,283 | 13,514 | 15,937 | 8,467 | 6,310 | |||||||||||||||||||||
| SUBTRACT: | ||||||||||||||||||||||||||||
| Equity in income of investees | (4,531 | ) | (9,177 | ) | (84,188 | ) | (95,742 | ) | (79,022 | ) | (47,299 | ) | (58,133 | ) | ||||||||||||||
| Noncash patronage refunds | (321 | ) | (251 | ) | (4,969 | ) | (3,060 | ) | (4,986 | ) | (1,795 | ) | (2,327 | ) | ||||||||||||||
| Interest capitalized | (1,855 | ) | (1,648 | ) | (4,652 | ) | (6,836 | ) | (2,817 | ) | (3,905 | ) | (2,105 | ) | ||||||||||||||
EARNINGS AS ADJUSTED | $ | 199,333 | $ | 217,682 | $ | 668,743 | $ | 392,281 | $ | 345,809 | $ | 222,349 | $ | 200,908 | ||||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||||||
| Interest | $ | 13,138 | $ | 13,322 | $ | 55,214 | $ | 58,367 | $ | 51,534 | $ | 50,163 | $ | 42,958 | ||||||||||||||
| Amortization of debt costs expensed or capitalized | 589 | 941 | 4,014 | 4,569 | 3,971 | 3,162 | 3,030 | |||||||||||||||||||||
| Appropriate portion (1/3) of rent expense | 3,300 | 3,123 | 12,828 | 11,604 | 11,958 | 10,563 | 10,223 | |||||||||||||||||||||
TOTAL FIXED CHARGES | 17,027 | 17,386 | 72,056 | 74,540 | 67,463 | 63,888 | 56,211 | |||||||||||||||||||||
PREFERRED DIVIDEND FACTOR: | 3,366 | 2,842 | 12,767 | 10,815 | 9,339 | 5,539 | 276 | |||||||||||||||||||||
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | $ | 20,393 | $ | 20,228 | $ | 84,823 | $ | 85,355 | $ | 76,802 | $ | 69,427 | $ | 56,487 | ||||||||||||||
RATIO | 9.8x | 10.8x | 7.9x | 4.6x | 4.5x | 3.2x | 3.6x | |||||||||||||||||||||
