EXHIBIT 12.2 CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES SIX MONTHS ENDED JANUARY 31, 1997 (DOLLAR AMOUNTS IN THOUSANDS) EARNINGS: Net income $38,168 Interest expense 12,946 Other adjustments 290 ------- $51,404 ======= FIXED CHARGES: Interest expense $12,946 Capitalized interest 498 Other adjustments 161 ------- $13,605 ======= RATIO OF EARNINGS TO FIXED CHARGES 3.8