1
Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
JUNE 30,
1991 1992 1993 1994 1995 1995 1996
------ ------- ------- ------ ------- ------ ------
Net income 8,641 11,437 15,623 22,166 23,169 13,251 5,105
Add:
Income taxes 105 108 215 636 1,542 969 2,729
Minority portion of losses 0 (95) (136) 0 (594) 0 (30)
Equity in losses of companies 0 0 102 449 869 115 71
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Adjusted net income 8,746 11,450 15,804 23,251 24,986 14,335 7,875
Add fixed charges
Interest on debt
(excluding capitalized int.) 2,553 0 97 62 298 96 86
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Net earnings available for fixed 11,299 11,450 15,901 23,313 25,284 14,431 7,961
charges
Fixed charges
Interest on debt 2,553 0 97 62 298 96 86
------ ------- ------- ------ ------- ------ ------
Total fixed charges 2,553 0 97 62 298 96 86
------ ------- ------- ------ ------- ------ ------
Ratio of earnings to fixed charges 4.43 NA 163.93 376.02 84.85 150.32 92.57
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