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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:
1994 1995 1996 1997 1998
---- ---- ---- ---- ----
17.0 8.1 4.9 3.5 3.0
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
YEAR ENDED JULY 31, 1998
(DOLLAR AMOUNTS IN THOUSANDS)
EARNINGS:
Net income $90,573
Interest expense (including amortization of debt discount and issuing costs) 36,815
Other adjustments 551
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$127,951
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FIXED CHARGES:
Interest expense (including amortization of debt discount and issuing costs) $36,815
Capitalized interest 12
Preferred stock dividends 5,850
Other adjustments 372
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$43,049
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RATIO OF EARNINGS TO FIXED CHARGES 3.0