Exhibit 12.1
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends.
(Amounts in thousands, except ratios)
SIX MONTHS
ENDED APRIL 30, YEAR ENDED OCTOBER 31,
-------------------- --------------------------------------------------------
2002 2001 2001 2000 1999 1998 1997
-------- -------- -------- -------- -------- -------- --------
INCOME BEFORE TAXES..................... $ 6,876 $ 4,208 $ 13,687 $ 8,589 $ 9,190 $ 8,176 $ 8,589
LESS: EARNINGS FROM 50% OF LESS
OWNED JV........................ $ -- $ -- $ (3,864) $ (245) $ (384) $ (210) $ (108)
FIXED CHARGES-INTEREST.................. $ 1,880 $ 2,146 $ 4,456 $ 4,245 $ 3,913 $ 2,522 $ 3,350
--------------------- --------------------------------------------------------
EARNINGS................................ $ 8,756 $ 6,354 $ 14,279 $ 12,589 $ 12,719 $ 10,488 $ 11,831
FIXED CHARGES:
INTEREST EXPENSE........................ $ 1,880 $ 2,146 $ 4,456 $ 4,245 $ 3,913 $ 2,522 $ 3,350
PREFERRED STOCK DIVIDENDS............... $ 824 $ 1,573 $ 3,147 $ 3,147 $ 3,147 $ 2,561 $ --
-------------------- --------------------------------------------------------
$ 2,704 $ 3,719 $ 7,603 $ 7,392 $ 7,060 $ 5,083 $ 3,350
RATIO OF EARNINGS TO FIXED CHARGES...... 4.66 2.96 3.20 2.97 3.25 4.16 3.53
RATIO OF EARNINGS TO FIXED CHARGES......
AND PREFERRED STOCK DIVIDENDS....... 3.24 1.71 1.88 1.70 1.80 2.06 3.53