| CHS Inc. | ||||||||||||||||||||||||||||
| RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS | ||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||
| November 30 | Years Ended August 31 | |||||||||||||||||||||||||||
| (in thousands) | 2007 | 2006 * | 2007 * | 2006 * | 2005 * | 2004 * | 2003 * | |||||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||||||
| Income from continuing operations before income taxes | $ | 337,800 | $ | 153,611 | $ | 797,391 | $ | 564,116 | $ | 306,556 | $ | 258,318 | $ | 148,939 | ||||||||||||||
| ADD: | ||||||||||||||||||||||||||||
| Minority interests | 22,979 | 18,912 | 143,214 | 91,079 | 49,825 | 34,184 | 22,099 | |||||||||||||||||||||
| Fixed charges, as shown below | 27,650 | 17,027 | 80,529 | 72,056 | 74,540 | 67,463 | 63,888 | |||||||||||||||||||||
| Distributions from equity investments | 12,332 | 15,272 | 66,693 | 58,240 | 64,869 | 58,701 | 35,939 | |||||||||||||||||||||
| Investments redeemed — equity investees, cooperatives and other | 66 | 1,376 | 4,935 | 7,283 | 13,514 | 15,937 | 8,467 | |||||||||||||||||||||
| SUBTRACT: | ||||||||||||||||||||||||||||
| Equity in income of investees | (31,190 | ) | (4,531 | ) | (109,685 | ) | (84,188 | ) | (95,742 | ) | (79,022 | ) | (47,299 | ) | ||||||||||||||
| Noncash patronage refunds | (445 | ) | (321 | ) | (3,302 | ) | (4,969 | ) | (3,060 | ) | (4,986 | ) | (1,795 | ) | ||||||||||||||
| Interest capitalized | (4,306 | ) | (1,855 | ) | (11,717 | ) | (4,652 | ) | (6,836 | ) | (2,817 | ) | (3,905 | ) | ||||||||||||||
EARNINGS AS ADJUSTED | $ | 364,886 | $ | 199,491 | $ | 968,058 | $ | 698,965 | $ | 403,666 | $ | 347,778 | $ | 226,333 | ||||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||||||
| Interest | $ | 22,675 | $ | 13,138 | $ | 63,528 | $ | 55,214 | $ | 58,367 | $ | 51,534 | $ | 50,163 | ||||||||||||||
| Amortization of debt costs expensed or capitalized | 699 | 589 | 2,231 | 4,014 | 4,569 | 3,971 | 3,162 | |||||||||||||||||||||
| Appropriate portion (1/3) of rent expense | 4,276 | 3,300 | 14,770 | 12,828 | 11,604 | 11,958 | 10,563 | |||||||||||||||||||||
TOTAL FIXED CHARGES | 27,650 | 17,027 | 80,529 | 72,056 | 74,540 | 67,463 | 63,888 | |||||||||||||||||||||
PREFERRED DIVIDEND FACTOR: | 4,156 | 3,366 | 15,572 | 12,767 | 10,815 | 9,339 | 5,539 | |||||||||||||||||||||
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | $ | 31,806 | $ | 20,393 | $ | 96,101 | $ | 84,823 | $ | 85,355 | $ | 76,802 | $ | 69,427 | ||||||||||||||
RATIO | 11.5 | x | 9.8 | x | 10.1 | x | 8.2 | x | 4.7 | x | 4.5 | x | 3.3 | x | ||||||||||||||
| * | Adjusted to reflect adoption of FASB Staff Position No. AUG AIR-1 |
