STATEMENT REGARDING COMPUTATION OF RATIOS
Published on July 11, 2005
EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges
| Three Months Ended April 30, |
Fiscal Years Ended January 31, |
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|
2005 |
2004 |
2005 |
2004 |
2003 |
2002 |
2001 |
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| Income before income taxes and minority interest |
$ | 3,741 | $ | 3,397 | $ | 16,105 | $ | 14,193 | $ | 12,368 | $ | 10,396 | $ | 9,783 | ||||||||||||||
| Capitalized interest |
(35 | ) | (30 | ) | (120 | ) | (144 | ) | (124 | ) | (130 | ) | (93 | ) | ||||||||||||||
| Minority interest |
(68 | ) | (42 | ) | (249 | ) | (214 | ) | (193 | ) | (183 | ) | (129 | ) | ||||||||||||||
| Adjusted income before income taxes |
3,638 | 3,325 | 15,736 | 13,835 | 12,051 | 10,083 | 9,561 | |||||||||||||||||||||
| Fixed charges |
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| Interest* |
290 | 336 | 1,332 | 1,157 | 1,191 | 1,491 | 1,486 | |||||||||||||||||||||
| Interest component of rent |
78 | 77 | 319 | 306 | 318 | 289 | 245 | |||||||||||||||||||||
| Total fixed expense |
368 | 413 | 1,651 | 1,463 | 1,509 | 1,780 | 1,731 | |||||||||||||||||||||
| Income before income taxes and fixed charges |
$ | 4,006 | $ | 3,738 | $ | 17,387 | $ | 15,298 | $ | 13,560 | $ | 11,863 | $ | 11,292 | ||||||||||||||
| Ratio of earnings to fixed charges |
10.9 | x | 9.1 | x | 10.5 | x | 10.5 | x | 9.0 | x | 6.7 | x | 6.5 | x | ||||||||||||||
| * | Includes interest on debt and capital leases, amortization of debt issuance costs and capitalized interest. |