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EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS
The following table sets forth the ratio of earnings to fixed charges
and preferred stock dividend requirements for the periods indicated:
Five Months Ended
Years Ended July 31, December 31,
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1995 1996 1997 1998 1998
---- ---- ---- ---- ----
8.1 4.9 3.5 3.0 2.4
For purposes of computing these ratios, earnings have been calculated by
adding fixed charges (excluding capitalized interest and preferred stock
dividends) to income before extraordinary items. Fixed charges consist of
interest costs, whether expensed or capitalized, preferred stock dividend
requirements, the interest component of rental expense, if any, and amortization
of debt discounts and issue costs, whether expensed or capitalized.
CALCULATION OF COMBINED RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDEND REQUIREMENTS
FIVE MONTHS ENDED DECEMBER 31, 1998
(DOLLAR AMOUNTS IN THOUSANDS)
EARNINGS:
Net income $ 55,805
Interest expense (including amortization of debt discount and issuing costs) 27,168
Other adjustments 477
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$ 83,450
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FIXED CHARGES:
Interest expense (including amortization of debt discount and issuing costs) $ 27,168
Capitalized interest 159
Preferred stock dividends 6,914
Other adjustments 136
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$ 34,377
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RATIO OF EARNINGS TO FIXED CHARGES 2.43