Exhibit 12
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
Years Ended July 31,
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1999 2000 2001 2002 2003
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Earnings
Income before cumulative effect of change
in accounting principle $61,271 $ 60,507 $34,206 $12,878 $14,175
Income tax provision 29,745 35,536 20,091 6,343 3,724
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Earnings 91,016 96,043 54,297 19,221 17,899
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Fixed Charges
Interest expense 1,772 21,169 22,195 16,255 27,985
Portion of rental expense representative of
interest factor 705 1,113 2,082 3,030 3,034
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Fixed charges 2,477 22,282 24,277 19,285 31,019
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Capitalized interest -- (580) -- -- --
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Earnings before income tax provision and
fixed charges $93,493 $ 117,745 $78,574 $38,506 $48,918
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Ratio of earnings to fixed charges 37.7x 5.3x 3.2x 2.0x 1.6x
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