EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
Fixed Charges
Pro Forma
(In thousands) Fiscal Years Ended May 31, FY
1998 1999 2000 2001 2002 2003 2003
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Interest Expense 20,088 10,216 30,220 34,376 38,334 31,083 56,449
Interest Capitalized 4,626 23,230 12,705 15,601 - - -
Net amortization of debt discount, premium and issuance expense 372 1,094 2,523 2,685 4,346 3,802 3,802
Interest portion of rent expense 6,650 6,200 7,279 9,585 8,687 7,848 7,848
Preferred stock dividends - 10,878 11,000 11,000 11,000 10,997 10,997
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Total Fixed Charges 31,736 51,619 63,727 73,247 62,367 53,730 79,096
Interest expense 20,088 10,216 30,220 34,376 38,334 31,083 56,449
Net amortization of debt discount, premium and issuance expense 372 1,094 2,523 2,685 4,346 3,802 3,802
Lease payments 22,200 20,700 24,300 32,000 29,000 26,200 26,200
Interest Factor 30% 30% 30% 30% 30.0% 30.0% 30%
Interest portion of rent expense 6,650 6,200 7,279 9,585 8,687 7,848 7,848
Preferred stock dividends - 10,878 11,000 11,000 11,000 10,997 10,997
Earnings
Pro Forma
(In thousands) Fiscal Years Ended May 31, FY
1998 1999 2000 2001 2002 2003 2002
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Pretax income (loss from continuing operations) 159,590 144,097 114,974 48,571 83,550 (29,394) (29,394)
Fixed Charges 31,736 51,619 63,727 73,247 62,367 53,730 79,096
Less: Interest capitalized during period (4,626) (23,230) (12,705) (15,601) 0 0 0
Preferred stock dividends - (10,878) (11,000) (11,000) (11,000) (10,997) (10,997)
Amortization of capitalized interest - - 1,424 1,708 2,808 2,808 2,808
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Total Earnings 186,700 161,607 156,419 96,926 137,725 16,147 41,513
Ratio of earnings to fixed charges 5.88 3.13 2.45 1.32 2.21 0.30
Pro forma ratio of earnings to fixed charges 0.52
% Change Actual to Pro Forma 75%
Deficiency of earnings to cover fixed charges 37,583 37,583
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