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EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIOS)
Year Ended June 30,
-------------------
1998 1997 1996 1995 1994
---- ---- ---- ---- ----
Earnings:
Earnings (loss) from continuing
operations before income taxes $ 66,458 $ 62,009 ($ 11,924) $ 43,832 $ 26,186
Add:
Fixed charges 65,026 54,388 54,292 48,226 34,891
Amortization of capitalized interest
in costs and expenses 46,212 49,457 42,354 31,205 18,003
Deduct:
Interest incurred (61,546) (51,917) (52,022) (46,641) (33,677)
--------- --------- --------- --------- ---------
Earnings, as adjusted $ 116,150 $ 113,937 $ 32,700 $ 76,622 $ 45,403
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Fixed charges:
Interest incurred and amortization of
deferred financing costs $ 61,546 $ 51,917 $ 52,022 $ 46,641 $ 33,677
Interest expense component of rent
expense 3,480 2,471 2,270 1,585 1,214
--------- --------- --------- --------- ---------
Total fixed charges $ 65,026 $ 54,388 $ 54,292 $ 48,226 $ 34,891
========= ========= ========= ========= =========
Ratio of earnings to fixed charges 1.79x 2.09x (1) 1.59x 1.30x
========= ========= ========= ========= =========
(1) Earnings were inadequate to cover fixed charges by $21.6 million.