EXHIBIT 12.2 CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES NINE MONTHS ENDED APRIL 30, 1997 (DOLLAR AMOUNTS IN THOUSANDS) EARNINGS: Net income $57,255 Interest expense 19,758 Other adjustments 394 ------ $77,407 ======= FIXED CHARGES: Interest expense $19,758 Capitalized interest 868 Other adjustments 248 ------ $20,874 ======= RATIO OF EARNINGS TO FIXED CHARGES 3.7