EX-12.1 7 exhibit12_1.htm EXHIBIT 12.1  
Exhibit 12.1

The historical ratios below were prepared on a consolidated basis using amounts calculated in accordance with U.S. GAAP, and, therefore, reflect all consolidated net earnings and fixed charges.

The ratio of earnings to fixed charges was determined by dividing earnings available to cover fixed charges by total fixed charges. Earnings available to cover fixed charges consist of: (i) income before taxes and (ii) fixed charges, exclusive of capitalized interest. Total fixed charges consist of: (i) interest expense, which includes amortized premiums, discounts, and capitalized expenses related to debt issuances, (ii) capitalized interest, and (iii) an estimate of interest within rental expense.  As of the date of this Annual Report on Form 10-K, no shares of our preferred stock were issued and outstanding.

JOHN WILEY & SONS, INC., AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

   
Year Ended April 30,
  
   
2018
    
2017
    
2016
    
2015
    
2014
  
(In thousands)
                              
Earnings available to covered fixed charges:
                              
Income before taxes
  
$
213,931
    
$
191,116
    
$
174,793
    
$
225,461
    
$
195,534
  
Total fixed charges
    
23,653
      
28,641
      
28,985
      
30,194
      
27,423
  
Amortization of capitalized interest
    
—
      
—
      
—
      
—
      
—
  
Capitalized interest
    
—
      
—
      
—
      
—
      
—
  
Earnings available to cover fixed charges
  
$
237,584
    
$
219,757
    
$
203,778
    
$
255,655
    
$
222,957
  
                                         
Fixed charges:
                                        
Interest expense
  
$
13,274
    
$
16,938
    
$
16,707
    
$
17,077
    
$
13,916
  
Capitalized interest
    
—
      
—
      
—
      
—
      
—
  
Interest component of rental expense (1)
    
10,379
      
11,703
      
12,278
      
13,117
      
13,507
  
Total fixed charges
  
$
23,653
    
$
28,641
    
$
28,985
    
$
30,194
    
$
27,423
  
                                         
Ratio of earnings to fixed charges
    
10.0
x
    
7.7
x
    
7.0
x
    
8.5
x
    
8.1
x

(1)
The interest component of rental expense has been determined to be approximately 33% of rental expense.