EXHIBIT 12.2


                CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
                -------------------------------------------------
                        SIX MONTHS ENDED JANUARY 31, 1998
                        ---------------------------------
                          (DOLLAR AMOUNTS IN THOUSANDS)
                          -----------------------------


EARNINGS:
                                                                                

                                                                                
   Net income                                       $44,062
                                                                                
   Interest expense (including debt
     discount and debt issuing costs)                17,213                     
   Capitalized interest                                    
                                                                                
   Other adjustments                                    324
                                                    -------                     
                                                    $61,599
                                                    =======                     
              
FIXED CHARGES:
                                                                                
   Interest expense (including debt
     discount and debt issuing costs)               $17,213                     
   Capitalized interest                                  -- 
   Preferred stock dividends                          2,925                     
   Other adjustments                                    146
                                                    -------                     
                                                    $20,284
                                                    =======                     

                                                                                
RATIO OF EARNINGS TO FIXED CHARGES                  3.0