Exhibit 12(a)

 

Computation of Ratio Earnings to Fixed Charges

(dollars in thousands)

 

 

 

Fiscal Year Ended June 30,

 

 

 

2008

 

2007

 

2006

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

Income before income taxes

 

$

92,178

 

$

109,726

 

$

138,105

 

Unconsolidated affiliates’ interests, net

 

 

(201

)

1,226

 

Amortization of capitalized interest

 

45

 

21

 

24

 

Interest expense and other related financing costs

 

11,713

 

11,762

 

9,493

 

Interest portion of rent expense (1)

 

13,659

 

12,054

 

11,665

 

Adjusted earnings

 

$

117,595

 

$

133,362

 

$

160,513

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

Interest expense and other related financing costs

 

$

11,713

 

$

11,762

 

$

9,493

 

Interest portion of rent expense (1)

 

13,659

 

12,054

 

11,665

 

Total fixed charges

 

$

25,372

 

$

23,816

 

$

21,158

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

4.63

 

5.60

 

7.59

 

 


(1) One-third of rent expense is considered representative of the interest factor within rent expense