Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
Year | ||||||||||||||||||||||||||||
Six Months Ended | Ended | |||||||||||||||||||||||||||
Fiscal Year Ended June 30, | December 31, | Dec. 31, | ||||||||||||||||||||||||||
2002 | 2003 | 2004 | 2005 | 2004 | 2005 | 2006 | ||||||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||||||
Income (loss) before income tax expense | $ | 78,984 | $ | 77,660 | $ | 46,157 | $ | 99,102 | $ | 32,551 | $ | 80,223 | $ | (116,645 | ) | |||||||||||||
Add: Fixed charges | 2,967 | 14,375 | 13,161 | 12,993 | 6,454 | 6,547 | 13,026 | |||||||||||||||||||||
Earnings as defined | $ | 81,951 | $ | 92,035 | $ | 59,318 | $ | 112,095 | $ | 39,005 | $ | 86,770 | $ | (103,619 | ) | |||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||||||
Interest expense | $ | 1,376 | $ | 10,038 | $ | 8,663 | $ | 8,488 | $ | 4,244 | $ | 4,253 | $ | 8,488 | ||||||||||||||
Amortization of deferred financing fees | — | 2,542 | 2,145 | 2,152 | 1,080 | 1,080 | 2,168 | |||||||||||||||||||||
Interest expense as reported | 1,376 | 12,580 | 10,808 | 10,640 | 5,324 | 5,333 | 10,640 | |||||||||||||||||||||
Portion of rent expense as interest | 1,591 | 1,795 | 2,353 | 2,353 | 1,129 | 1,214 | 2,386 | |||||||||||||||||||||
Fixed charges as defined | $ | 2,967 | $ | 14,375 | $ | 13,161 | $ | 12,993 | $ | 6,453 | $ | 6,547 | $ | 13,026 | ||||||||||||||
Ratio of earnings to fixed charges | 27.6x | 6.4x | 4.5x | 8.6x | 6.0x | 13.3x | (8.0)x |
For purposes of computing the ratios of earnings to fixed charges, earnings represent pretax income from continuing operations plus fixed charges. Fixed charges represent interest expense and the portion of rents representative of interest related to continuing operations.