EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
Nine Months Ended
March 31, Year Ended June 30,
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1995 1994 1994 1993 1992 1991 1990
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EARNINGS:
Operating Earnings $ 29,094 $ 16,363 $ 26,186 $ 24,798 $ 13,862 $ 6,832 $ 15,895
Add:
Fixed Charges 35,241 24,657 34,891 24,751 19,309 16,776 19,321
Amortization of capitalized
interest included in cost
of sales 20,386 12,228 18,003 14,513 13,134 12,472 13,627
Proportionate share of amortization
of capitalized interest included
in cost of sales of unconsolidated
affiliates and discontinued
operations -- -- -- -- 399 269 1,386
Deduct:
Interest capitalized (34,108) (23,790) (33,677) (23,653) (16,090) (12,309) (13,669)
Proportionate share of capitalized
interest of unconsolidated
affiliates and discontinued
operations -- -- -- -- -- (913) (1,604)
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Earnings, as adjusted $ 50,613 $ 29,458 $ 45,403 $ 40,409 $ 30,614 $ 23,127 $ 34,956
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Fixed Charges:
Interest incurred and amortization
of deferred financing costs $ 34,108 $ 23,790 $ 33,677 $ 23,653 $ 16,090 $ 12,309 $ 13,669
Interest expense component of
rent expense 1,133 867 1,214 1,098 233 295 330
Proportionate share of interest
incurred of unconsolidated
affiliates and discontinued
operations -- -- -- -- 2,986 4,172 5,322
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Total fixed Charges $ 35,241 $ 24,657 $ 34,891 $ 24,751 $ 19,309 $ 16,776 $ 19,321
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Ratio of earnings to fixed
charges 1.44 x 1.19 x 1.30 x 1.63 x 1.59 x 1.38 x 1.81 x
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