RATIOS OF EARNINGS TO FIXED CHARGES Unaudited Three Months Ended February 28, Years Ended November 30 ------------------ --------------------------------------------------- (Dollars in thousands) 1998 1997 1997 1996 1995 1994 1993 ------------------ --------------------------------------------------- Income (loss) before taxes, extraordinary items and accounting changes 4,907 1,816 14.046 674,656 (934,871) 53,749 (1,139,770) Fixed charges and preferred stock dividends: Interest 6,940 8,927 31,261 3,083 1,926 1,809 2,070 Interest factor portion of rentals 199 262 1,043 828 612 500 400 Preferred stock dividends -- -- -- -- -- -- -- --------------- -------------------------------------------------- Total fixed charges 7,139 9,189 32,304 3,911 2.538 2,309 2,470 --------------- -------------------------------------------------- Earnings before income taxes and fixed charges 12,046 11,005 46,350 678,567 (932,333) 56,058 (1,137,300) =============== ================================================== Ratio of earnings to fixed charges and preferred stock dividends 1.69 1.20 1.43 173.50 (367.35) 24.28 (460.45) =============== ================================================== Earnings inadequate to cover fixed charges 934,871 1,139,770 ========= ===========