Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Dollars in millions, except ratios)
| Year Ended November 30, |
Six Months Ended May 31, |
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| 1999 |
2000 |
2001 |
2002 |
2003 |
2004 |
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| Pre-tax income (loss) from continuing operations |
$ | 58.5 | $ | 7.3 | $ | (10.9 | ) | $ | 7.5 | $ | (84.4 | ) | $ | (5.5 | ) | |||||||||
| Adjustment for income or loss from equity investees |
— | (0.6 | ) | (1.0 | ) | (1.0 | ) | 0.8 | (0.1 | ) | ||||||||||||||
| Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees |
$ | 58.5 | $ | 6.7 | $ | (11.9 | ) | $ | 6.5 | $ | (83.6 | ) | $ | (5.6 | ) | |||||||||
| Distributed income of equity investees |
— | — | — | — | 0.5 | — | ||||||||||||||||||
| Less: Capitalized interest |
(0.3 | ) | (0.4 | ) | (0.4 | ) | — | — | — | |||||||||||||||
| Amortization of interest previously capitalized |
— | — | — | 0.1 | 0.1 | — | ||||||||||||||||||
| Adjusted pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees |
$ | 58.2 | $ | 6.3 | $ | (12.3 | ) | $ | 6.6 | $ | (83.0 | ) | $ | (5.6 | ) | |||||||||
| Fixed Charges: |
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| Interest expense, including capitalized interest |
$ | 18.9 | $ | 15.1 | $ | 14.4 | $ | 8.1 | $ | 15.3 | $ | 10.3 | ||||||||||||
| Amortization of debt issuance costs |
0.1 | 0.3 | 0.6 | 1.0 | 4.8 | 0.8 | ||||||||||||||||||
| Imputed interest portion of rent expense |
2.0 | 2.3 | 2.8 | 2.7 | 2.9 | 1.2 | ||||||||||||||||||
| Total Fixed Charges |
$ | 21.0 | $ | 17.7 | $ | 17.8 | $ | 11.8 | $ | 23.0 | $ | 12.3 | ||||||||||||
| Pre-tax income (loss) from continuing operations before adjustment for income from equity investees plus fixed charges |
$ | 79.2 | $ | 24.0 | $ | 5.5 | $ | 18.4 | $ | (60.0 | ) | $ | 6.7 | |||||||||||
| Ratio of Earnings to Fixed Charges - (a) |
3.8 | 1.4 | — | 1.6 | — | — | ||||||||||||||||||
| (a) | For fiscal years 2003 and 2001, the ratio was less than 1.0x and was deficient by $83.0 million and $12.3 million, respectively. |
| For the six months ended May 31, 2004, the ratio was less than 1.0x and was deficient by $5.6 million. |