EXHIBIT 12.2 CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES THREE MONTHS ENDED OCTOBER 31, 1996 (DOLLAR AMOUNTS IN THOUSANDS) EARNINGS: Net income $19,076 Interest expense 5,861 Other adjustments 201 ------- $25,138 ======= FIXED CHARGES: Interest expense $ 5,861 Capitalized interest 198 Other adjustments 81 ------- $ 6,140 ======= RATIO OF EARNINGS TO FIXED CHARGES 4.1