| Fiscal Year Ended | ||||||||||||||||||||
| March 31, | ||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
Income from continuing operations before provision for
income taxes and minority interest |
$ | 152,257 | $ | 111,329 | $ | 69,197 | $ | 69,638 | $ | 68,072 | ||||||||||
Add: amortization of capitalized interest |
485 | 183 | 171 | 102 | 36 | |||||||||||||||
Add: fixed charges (from below) |
62,126 | 23,126 | 20,381 | 19,590 | 19,846 | |||||||||||||||
Add: equity in earnings from unconsolidated equity affiliates
under (over) dividends received |
(3,720 | ) | (3,754 | ) | (337 | ) | 9,802 | (5,114 | ) | |||||||||||
Less: capitalized interest |
(12,881 | ) | (6,353 | ) | (2,426 | ) | (1,284 | ) | (1,200 | ) | ||||||||||
Earnings |
$ | 198,267 | $ | 124,531 | $ | 86,986 | $ | 97,848 | $ | 81,640 | ||||||||||
Fixed charges: |
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Fixed charges: |
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Interest expense: |
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Interest on indebtedness (1) |
$ | 23,779 | $ | 10,940 | $ | 14,689 | $ | 15,665 | $ | 16,829 | ||||||||||
Capitalized |
12,881 | 6,353 | 2,426 | 1,284 | 1,200 | |||||||||||||||
Interest portion of rental expense |
7,599 | 5,833 | 3,266 | 2,641 | 1,817 | |||||||||||||||
Fixed charges |
$ | 44,259 | $ | 23,126 | $ | 20,381 | $ | 19,590 | $ | 19,846 | ||||||||||
Preferred stock dividends |
$ | 12,650 | $ | 6,633 | $ | — | $ | — | $ | — | ||||||||||
Effective tax rate for continuing operations |
29.2 | % | 34.8 | % | — | — | — | |||||||||||||
Gross up based on effective tax rate for continuing operations |
17,867 | 10,173 | — | — | — | |||||||||||||||
Fixed charges and preferred stock dividends |
$ | 62,126 | $ | 33,299 | $ | 20,381 | $ | 19,590 | $ | 19,846 | ||||||||||
Ratio of earnings to fixed charges (earnings divided by fixed charges) |
4.5 | 5.4 | 4.3 | 5.0 | 4.1 | |||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends
(earnings divided by fixed charges and preferred stock dividends) |
3.2 | 3.7 | 4.3 | 5.0 | 4.1 | |||||||||||||||
| (1) | Includes amortization of debt issuance costs. |