| Three Months Ended | ||||||||||||||||||||||||||||
| November 30, | Years Ended August 31, | |||||||||||||||||||||||||||
| (in thousands) | 2008 | 2007 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||||||
| Income from continuing operations before income taxes | $ | 156,156 | $ | 337,800 | $ | 874,583 | $ | 797,391 | $ | 564,116 | $ | 306,556 | $ | 258,318 | ||||||||||||||
| ADD: | ||||||||||||||||||||||||||||
| Minority interests | 22,182 | 22,979 | 72,160 | 143,214 | 91,079 | 49,825 | 34,184 | |||||||||||||||||||||
| Fixed charges, as shown below | 28,547 | 27,650 | 124,000 | 80,529 | 72,056 | 74,540 | 67,463 | |||||||||||||||||||||
| Amortization of capitalized interest | 906 | 634 | 3,145 | 1,800 | 1,344 | 1,000 | 1,000 | |||||||||||||||||||||
| Distributions from equity investments | 39,410 | 12,332 | 110,013 | 66,693 | 58,240 | 64,869 | 58,701 | |||||||||||||||||||||
| Investments redeemed — equity investees, cooperatives and other | 2,163 | 66 | 43,046 | 4,935 | 7,283 | 13,514 | 15,937 | |||||||||||||||||||||
| SUBTRACT: | ||||||||||||||||||||||||||||
| Equity in income of investees | (20,723 | ) | (31,190 | ) | (150,413 | ) | (109,685 | ) | (84,188 | ) | (95,742 | ) | (79,022 | ) | ||||||||||||||
| Noncash patronage dividends received | (393 | ) | (445 | ) | (4,083 | ) | (3,302 | ) | (4,969 | ) | (3,060 | ) | (4,986 | ) | ||||||||||||||
| Interest capitalized | (898 | ) | (4,304 | ) | (9,759 | ) | (11,717 | ) | (4,652 | ) | (6,836 | ) | (2,817 | ) | ||||||||||||||
EARNINGS AS ADJUSTED | $ | 227,350 | $ | 365,522 | $ | 1,062,692 | $ | 969,858 | $ | 700,309 | $ | 404,666 | $ | 348,778 | ||||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||||||
| Interest | $ | 22,388 | $ | 22,675 | $ | 100,123 | $ | 63,528 | $ | 55,214 | $ | 58,367 | $ | 51,534 | ||||||||||||||
| Amortization of debt costs expensed or capitalized | 1,350 | 699 | 4,439 | 2,231 | 4,014 | 4,569 | 3,971 | |||||||||||||||||||||
| Appropriate portion (1/3) of rent expense | 4,809 | 4,276 | 19,438 | 14,770 | 12,828 | 11,604 | 11,958 | |||||||||||||||||||||
TOTAL FIXED CHARGES | 28,547 | 27,650 | 124,000 | 80,529 | 72,056 | 74,540 | 67,463 | |||||||||||||||||||||
PREFERRED DIVIDEND FACTOR: | 5,194 | 4,156 | 19,392 | 15,572 | 12,767 | 10,815 | 9,339 | |||||||||||||||||||||
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | $ | 33,741 | $ | 31,806 | $ | 143,392 | $ | 96,101 | $ | 84,823 | $ | 85,355 | $ | 76,802 | ||||||||||||||
RATIO | 6.7x | 11.5x | 7.4x | 10.1x | 8.3x | 4.7x | 4.5x | |||||||||||||||||||||
