EXHIBIT 12.2
 
    COMPUTATION OF PRO FORMA RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
                     PREFERRED STOCK DIVIDEND REQUIREMENTS
                                 (IN THOUSANDS)
 


                                               YEAR ENDED    SIX MONTHS ENDED
                                             AUGUST 31, 1996 FEBRUARY 28, 1997
                                             --------------- -----------------
                                               (UNAUDITED)      (UNAUDITED)
                                                       
Fixed charges, as defined:
  Interest on long-term debt................    $ 37,574         $ 19,299
  Other interest............................       3,184            1,988
  Amortization of debt issue costs..........         530              271
                                                --------         --------
    Total fixed charges.....................      41,288           21,558
  Preferred dividend requirement............      34,772           17,386
                                                --------         --------
    Total fixed charges and preferred stock
     dividends requirements.................    $ 76,060         $ 38,944
                                                ========         ========
Earnings, as defined:
  Income before income taxes................    $141,285         $136,069
  Total fixed charges (as shown above)......      41,288           21,558
                                                --------         --------
    Earnings available for fixed charges and
     preferred dividend requirements........    $182,573         $157,627
                                                ========         ========
Ratio of earnings to combined fixed charges
 and preferred dividend requirements........        2.40x            4.05x
                                                ========         ========