| Years Ended August 31, | ||||||||||||||||||||
| (in thousands) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||
EARNINGS: | ||||||||||||||||||||
| Income from continuing operations before income taxes | $ | 874,583 | $ | 797,391 | $ | 564,116 | $ | 306,556 | $ | 258,318 | ||||||||||
| ADD: | ||||||||||||||||||||
| Minority interests | 72,160 | 143,214 | 91,079 | 49,825 | 34,184 | |||||||||||||||
| Fixed charges, as shown below | 124,000 | 80,529 | 72,056 | 74,540 | 67,463 | |||||||||||||||
| Amortization of capitalized interest | 3,145 | 1,800 | 1,344 | 1,000 | 1,000 | |||||||||||||||
| Distributions from equity investments | 110,013 | 66,693 | 58,240 | 64,869 | 58,701 | |||||||||||||||
| Investments redeemed — equity investees, cooperatives and other | 43,046 | 4,935 | 7,283 | 13,514 | 15,937 | |||||||||||||||
| SUBTRACT: | ||||||||||||||||||||
| Equity in income of investees | (150,413 | ) | (109,685 | ) | (84,188 | ) | (95,742 | ) | (79,022 | ) | ||||||||||
| Noncash patronage dividends received | (4,083 | ) | (3,302 | ) | (4,969 | ) | (3,060 | ) | (4,986 | ) | ||||||||||
| Interest capitalized | (9,759 | ) | (11,717 | ) | (4,652 | ) | (6,836 | ) | (2,817 | ) | ||||||||||
EARNINGS AS ADJUSTED | $ | 1,062,692 | $ | 969,858 | $ | 700,309 | $ | 404,666 | $ | 348,778 | ||||||||||
FIXED CHARGES: | ||||||||||||||||||||
| Interest | $ | 100,123 | $ | 63,528 | $ | 55,214 | $ | 58,367 | $ | 51,534 | ||||||||||
| Amortization of debt costs expensed or capitalized | 4,439 | 2,231 | 4,014 | 4,569 | 3,971 | |||||||||||||||
| Appropriate portion (1/3) of rent expense | 19,438 | 14,770 | 12,828 | 11,604 | 11,958 | |||||||||||||||
TOTAL FIXED CHARGES | $ | 124,000 | $ | 80,529 | $ | 72,056 | $ | 74,540 | $ | 67,463 | ||||||||||
PREFERRED DIVIDEND FACTOR: | $ | 19,392 | $ | 15,572 | $ | 12,767 | $ | 10,815 | $ | 9,339 | ||||||||||
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | $ | 143,392 | $ | 96,101 | $ | 84,823 | $ | 85,355 | $ | 76,802 | ||||||||||
RATIO | 7.4 | x | 10.1 | x | 8.3 | x | 4.7 | x | 4.5 | x | ||||||||||
