EX-12.1 4 a2228990zex-12_1.htm EX-12.1

Exhibit 12.1

 

Computation of Ratio of Earnings to Fixed Charges

 

 

 

Nine
Months
Ended
March

 

Fiscal Years Ended June 30,

 

 

 

31, 2016

 

2015

 

2014

 

2013

 

2012

 

2011

 

 

 

 

 

($ in millions)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations before income taxes

 

$

206.4

 

$

438.9

 

$

395.5

 

$

323.2

 

$

200.9

 

$

269.7

 

Fixed charges

 

30.6

 

37.6

 

36.9

 

28.0

 

28.4

 

25.7

 

Amortization of capitalized interest

 

—

 

—

 

—

 

—

 

—

 

—

 

Distributed income from equity investees

 

—

 

—

 

—

 

—

 

—

 

—

 

Share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges

 

—

 

—

 

—

 

—

 

—

 

—

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

—

 

—

 

—

 

—

 

—

 

—

 

Preference security dividend requirements of consolidated subsidiaries

 

—

 

—

 

—

 

—

 

—

 

—

 

The minority interest in the pre-tax income/(loss) of subsidiaries that have not incurred fixed charges(2)

 

(5.1

)

(5.5

)

0.4

 

0.1

 

(0.7

)

(0.2

)

Total

 

$

242.1

 

$

482.0

 

$

432.0

 

$

351.1

 

$

230.0

 

$

295.6

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

21.1

 

$

25.4

 

$

23.9

 

$

14.5

 

$

14.0

 

$

9.9

 

Amortized premiums, discounts and capitalized expenses related to indebtedness

 

—

 

—

 

—

 

—

 

—

 

—

 

Estimate of the interest within rental expense(1)

 

9.5

 

12.2

 

13.0

 

13.5

 

14.4

 

15.8

 

Preference security dividend requirements of consolidated subsidiaries

 

—

 

—

 

—

 

—

 

—

 

—

 

Total

 

$

30.6

 

$

37.6

 

$

36.9

 

$

28.0

 

$

28.4

 

$

25.7

 

Ratio of Earnings to Fixed Charges

 

7.9

 

12.8

 

11.7

 

12.5

 

8.1

 

11.5

 

 

(1)                                 One-third of rental expense under operating leases is assumed to be the equivalent of interest.

(2)                                 Represents the Company’s share of gains (losses) from equity method investments.