EXHIBIT 12.1
Three Months Ended June 30, 2015 | Fiscal Year Ended March 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | |||||||||||||||||
Earnings:(1) | ||||||||||||||||||||
Earnings before income taxes | 55,885 | 252,927 | 181,804 | 84,096 | 21,912 | |||||||||||||||
Add: Fixed charges | 4,747 | 16,631 | 18,171 | 15,791 | 17,769 | |||||||||||||||
Add: Amortization of capitalized interest and FIN 48 Interest | 134 | (3,311 | ) | 1,177 | 945 | (367 | ) | |||||||||||||
Add: Cash distributions from equity method investments | 6,245 | 40,375 | 37,750 | 28,500 | 23,250 | |||||||||||||||
Subtract: Income from equity method investments | (7,830 | ) | (44,967 | ) | (37,811 | ) | (32,507 | ) | (28,528 | ) | ||||||||||
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Total Earnings | 59,181 | 261,655 | 201,091 | 96,825 | 34,036 | |||||||||||||||
Fixed Charges:(2) | ||||||||||||||||||||
Interest expense | 4,486 | 15,590 | 17,646 | 15,467 | 17,530 | |||||||||||||||
Interest component of rent expense | 261 | 1,041 | 525 | 324 | 239 | |||||||||||||||
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Total Fixed Charges | 4,747 | 16,631 | 18,171 | 15,791 | 17,769 | |||||||||||||||
Ratio of Earnings to Fixed Charges | 12.5x | 15.7x | 11.1x | 6.1x | 1.9x |
(1) | Earnings represent earnings before income taxes and before income from equity method investments plus: (a) fixed charges; and (b) cash distributions from equity method investments. |
(2) | Fixed charges include: (a) interest expense, whether expensed or capitalized, less interest accrued for uncertain tax positions; and (b) the portion of operating rental expense which management believes is representative of the interest component of rent expense. |