1 EXHIBIT 12.1 RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Nine months Three months (Dollars in thousands) Year ended ended ended November 30 November 30 February 28 Years ended November 30 ----------- ----------- ----------- ------------------------------------ 1999 1998 1998 1997 1996 1995 ---- ---- ---- ---- ---- ---- Income (loss) before taxes, extraordinary items and accounting changes (20,387) (19,064) 4,907 14,046 674,656 (934,871) -------- -------- -------- -------- -------- -------- Fixed Charges: Interest 49,060 36,313 6,940 31,261 3,083 1,926 Interest factor portion of rentals 1,200 854 199 1,043 828 612 -------- -------- -------- -------- -------- -------- Total fixed charges 50,260 37,167 7,139 32,304 3,911 2,538 -------- -------- -------- -------- -------- -------- Earnings before income taxes and fixed charges 29,873 18,103 12,046 46,350 678,567 (932,333) ======== ======== ======== ======== ======== ======== Preferred stock dividends 10,569 7,382 -- -- -- -- ======== ======== ======== ======== ======== ======== Ratio of earnings to fixed charges and preferred stock dividends 0.49 0.41 1.69 1.43 173.50 (367.35) ======== ======== ======== ======== ======== ======== Earnings inadequate to cover fixed charges and preferred stock dividends (30,956) (26,446) (934,871) ======== ======== ========