EXHIBIT 12 RATIOS OF EARNINGS TO FIXED CHARGES (DOLLARS IN THOUSANDS) FYE FYE FYE FYE FYE 07/31/96 07/31/95 07/31/94 07/31/93 07/31/92 -------- -------- -------- -------- -------- EARNINGS - -------- NET INCOME 70,521 62,716 52,317 43,229 49,446 INTEREST EXPENSE 17,561 7,174 2,289 1,386 1,527 INTEREST COMPONENT OF RENTAL EXPENSE 388 394 365 282 239 AMORTIZATION OF CAPITALIZED INTEREST 115 98 27 17 14 _________________________________________________________ 88,585 70,382 54,998 44,914 51,226 FIXED CHARGES - ------------- INTEREST EXPENSE 17,561 7,174 2,289 1,386 1,527 INTEREST COMPONENT OF RENTAL EXPENSE 388 394 365 282 239 CAPITALIZED INTEREST 203 1,161 586 239 32 _________________________________________________________ TOTAL FIXED CHARGES 18,152 8,729 3,240 1,907 1,798 RATIO OF EARNINGS TO FIXED CHARGES 4.9 8.1 17.0 23.6 28.5