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As Of Filer Filing For·On·As Docs:Size Issuer Agent 1/25/05 CHS Inc S-2/A 8:1.8M RR Donnelley |
Document/Exhibit Description Pages Size
1: S-2/A Amendment to Form S-2 HTML 1.57M
2: EX-3.1 Articles of Incorporation HTML 29K
3: EX-3.2 Bylaws of the Company HTML 83K
4: EX-5.1 Opinion of Dorsey & Whitney LLP HTML 10K
5: EX-8.1 Opinion/Consent of Dorsey & Whitney LLP HTML 14K
6: EX-12.1 Statement of Computation of Ratios HTML 22K
7: EX-23.1 Consent of Independent Registered Public HTML 6K
Accounting Firm
8: EX-23.2 Independent Auditor's Consent HTML 7K
| exv12w1 |
Exhibit 12.1
CHS Inc.
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
| Three Months Ended | ||||||||||||||||||||||||||||
| November 30, | Years Ended August 31, | |||||||||||||||||||||||||||
| (in thousands) | 2004 | 2003 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||||||
EARNINGS: |
||||||||||||||||||||||||||||
Income before income taxes |
$ | 23,023 | $ | 58,360 | $ | 221,332 | $ | 136,541 | $ | 144,838 | $ | 152,954 | $ | 91,268 | ||||||||||||||
ADD: |
||||||||||||||||||||||||||||
Minority interests |
8,189 | 3,922 | 33,830 | 21,950 | 15,390 | 35,098 | 24,547 | |||||||||||||||||||||
Fixed charges, as shown below |
16,068 | 16,135 | 70,370 | 66,306 | 57,813 | 77,267 | 75,085 | |||||||||||||||||||||
Redemptions received from equity method investees |
22,520 | 27,493 | 65,158 | 35,939 | 37,689 | 30,104 | 41,250 | |||||||||||||||||||||
Redemptions received from cooperatives and other investments |
983 | 3,458 | 9,481 | 8,467 | 6,310 | 1,672 | 2,638 | |||||||||||||||||||||
SUBTRACT: |
||||||||||||||||||||||||||||
Equity in income of investees |
(16,683 | ) | (13,707 | ) | (79,022 | ) | (47,299 | ) | (58,133 | ) | (28,494 | ) | (28,325 | ) | ||||||||||||||
Noncash patronage refunds |
(221 | ) | (311 | ) | (4,986 | ) | (1,795 | ) | (2,327 | ) | (3,896 | ) | (6,825 | ) | ||||||||||||||
Interest capitalized |
(863 | ) | (503 | ) | (2,817 | ) | (3,905 | ) | (2,105 | ) | (1,244 | ) | (2,708 | ) | ||||||||||||||
EARNINGS AS ADJUSTED |
$ | 53,016 | $ | 94,847 | $ | 313,346 | $ | 216,204 | $ | 199,475 | $ | 263,461 | $ | 196,929 | ||||||||||||||
FIXED CHARGES: |
||||||||||||||||||||||||||||
Interest |
$ | 12,456 | $ | 12,043 | $ | 54,441 | $ | 52,580 | $ | 44,561 | $ | 62,680 | $ | 60,276 | ||||||||||||||
Amortization of debt costs expensed or capitalized |
1,086 | 871 | 3,971 | 3,162 | 3,030 | 2,747 | 2,116 | |||||||||||||||||||||
Appropriate portion (1/3) of rent expense |
2,526 | 3,221 | 11,958 | 10,563 | 10,223 | 11,840 | 12,694 | |||||||||||||||||||||
TOTAL FIXED CHARGES |
16,068 | 16,135 | 70,370 | 66,305 | 57,813 | 77,267 | 75,086 | |||||||||||||||||||||
PREFERRED DIVIDEND FACTOR: |
2,426 | 2,152 | 9,339 | 5,539 | 276 | — | — | |||||||||||||||||||||
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS |
$ | 18,494 | $ | 18,287 | $ | 79,709 | $ | 71,844 | $ | 58,089 | $ | 77,267 | $ | 75,086 | ||||||||||||||
RATIO |
2.9 | 5.2 | 3.9 | 3.0 | 3.4 | 3.4 | 2.6 | |||||||||||||||||||||
