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EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratios)
Year Ended June 30,
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1997 1996 1995 1994 1993
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Earnings:
Earnings (loss) from continuing
operations before income taxes $62,009 ($11,924) $43,832 $26,186 $24,798
Add:
Fixed charges 54,388 54,292 48,226 34,891 24,751
Amortization of capitalized interest
in costs and expenses 49,457 42,354 31,205 18,003 14,513
Deduct:
Interest capitalized (51,917) (52,022) (46,641) (33,677) (23,653)
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Earnings, as adjusted $113,937 $32,700 $76,622 $45,403 $40,409
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Fixed charges:
Interest incurred and amortization
of deferred financing costs $51,917 $52,022 $46,641 $33,677 $23,653
Interest expense component of rent
expense 2,471 2,270 1,585 1,214 1,098
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Total fixed charges $54,388 $54,292 $48,226 $34,891 $24,751
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Ratio of earnings to fixed charges 2.09x (1) 1.59x 1.30x 1.63x
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(1) Earnings were inadequate to cover fixed charges by $21.6 million.