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EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHANGES
(dollars in millions)
THREE MONTHS ENDED
YEAR ENDED JUNE 30 SEPTEMBER 30
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1992 1993 1994 1995 1996 1996
---- ---- ---- ---- ---- ----
Net income before income
taxes....................... $1,041 $1,401 $1,722 $2,167 $3,379 $ 945
Add:
Fixed charges............ -- -- -- -- -- --
Adjust to include:
Capitalized interest..... -- -- -- -- -- --
Preferred stock dividend
requirements........... -- -- -- -- -- --
------ ------ ------ ------ ------ ------
Net income before taxes,
as adjusted.......... $1,041 $1,401 $1,782 $2,167 $3,379 $ 945
====== ====== ====== ====== ====== ======
Fixed changes:
Interest................... -- -- -- -- -- --
Amortization of debt
expenses................. -- -- -- -- -- --
Portion of rents
representative of the
interest factor.......... -- -- -- -- -- --
Preferred stock dividend
requirements............. -- -- -- -- -- --
------ ------ ------ ------ ------ ------
Total fixed charges...... $ -- $ -- $ -- $ -- $ -- $ --
====== ====== ====== ====== ====== ======
Ratio of earnings to fixed
charges(1)................. * * * * * *
====== ====== ====== ====== ====== ======
- ----------
* Not meaningful
(1) The Company had no material debt and, consequently, had no material fixed
charges for each of the periods presented. The ratio of earnings to fixed
charges is determined by dividing earnings by fixed charges. Fixed charges
consist of the total of (i) interest, whether expensed or capitalized; (ii)
amortization of debt expense and discount or premium relating to any
indebtedness, whether expensed or capitalized; (iii) such portion of rental
expense as can be demonstrated to be representative of the interest factor
in the particular case; and (iv) preferred stock dividend requirements of
majority-owned subsidiaries and fifty-percent-owned persons, excluding in
all cases items which would be or are eliminated in consolidation. Earnings
consist of pretax income from continuing operations plus the amount of
fixed charges, adjusted to exclude (i) the amount of any interest
capitalized during the period and (ii) the actual amount of any preferred
stock dividend requirements of majority-owned subsidiaries and
fifty-percent-owned persons which were included in such fixed charges
amount but not deducted in the determination of pretax income. The ratio of
earnings to fixed charges is not meaningful for periods in which there were
no material fixed charges.