EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
Fixed Charges
Pro Forma
Three Months Pro Three Months
Ended Forma Ended
(In thousands) Fiscal Years Ended May 31, August 31, FY August 31,
1999 2000 2001 2002 2003 2002 2003 2003 2003
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Interest Expense 10,216 30,220 34,376 38,334 31,083 7,868 15,835 50,776 17,459
Interest Capitalized 23,230 12,705 15,601 - - - - - -
Net amortization of debt discount,
premium and issuance expense 1,094 2,523 2,685 4,346 3,802 968 1,207 2,094 523
Interest portion of rent expense 6,200 7,279 9,585 8,687 7,848 1,966 2,174 7,848 2,174
Preferred stock dividends 10,878 11,000 11,000 11,000 10,997 2,750 2,749 10,997 2,749
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Total Fixed Charges 51,619 63,727 73,247 62,367 53,730 13,552 21,965 71,714 22,905
Interest expense 10,216 30,220 34,376 38,334 31,083 7,868 15,835 50,776 17,459
Net amortization of debt discount,
premium and issuance expense 1,094 2,523 2,685 4,346 3,802 968 1,207 2,094 523
Lease payments 20,700 24,300 32,000 29,000 26,200 6,565 7,256 26,200 7,256
Interest Factor 30% 30% 30% 30% 30% 30% 30% 30% 30%
Interest portion of rent expense 6,200 7,279 9,585 8,687 7,848 1,966 2,174 7,848 2,174
Preferred stock dividends 10,878 11,000 11,000 11,000 10,997 2,750 2,749 10,997 2,749
Pro Forma
Earnings Three Months Pro Three Months
Ended Forma Ended
(In thousands) Fiscal Years Ended May 31, August 31, FY August 31,
1999 2000 2001 2002 2003 2002 2003 2003 2003
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Pretax income (loss from continuing operations) 144,097 114,974 48,571 83,550 (29,394) 8,389 (24,312) (29,394) (24,312)
Fixed Charges 51,619 63,727 73,247 62,367 53,730 13,552 21,965 71,714 22,905
Less: Interest capitalized during period (23,230) (12,705) (15,601) - - - - - -
Preferred stock dividends (10,878) (11,000) (11,000) (11,000) (10,997) (2,750) (2,749) (10,997) (2,749)
Amortization of capitalized interest - 1,424 1,708 2,808 2,808 702 702 2,808 702
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Total Earnings 161,607 156,419 96,926 137,725 16,147 19,893 (4,394) 34,132 (3,454)
Ratio of earnings to fixed charges 3.13 2.45 1.32 2.21 0.30 1.47 (0.20)
Pro forma ratio of earnings to fixed charges 0.48 (0.15)
% Change Actual to Pro Forma 58% -25%
Deficiency of earnings to cover fixed charges 37,583 26,359 37,583 26,359
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