EX-12.1 2 d272862dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

 

 

     Nine Months
Ended
December 31
    Fiscal Year Ended March 31,  
     2011     2011     2010     2009     2008     2007  

Earnings (1):

            

Earnings before income taxes

     9,267        16,762        39,297        62,183        144,384        304,288   

Add: Fixed charges

     13,463        18,291        18,480        24,714        20,866        12,050   

Add: Amortization of capitalized interest and FIN 48 Interest

     402        (932     3,857        5,358        6,597        30   

Add: Cash distributions from equity method investments

     17,250        24,500        29,750        33,000        37,750        29,000   

Subtract: Income from equity method investments

     (21,160     (24,233     (24,157     (32,426     (33,982     (32,765
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Earnings

     19,222        34,388        67,227        92,829        175,615        312,603   

Fixed Charges (2):

            

Interest expense

     13,352        17,995        18,180        24,433        20,530        11,709   

Interest component of rent expense

     111        296        300        281        336        341   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Charges

     13,463        18,291        18,480        24,714        20,866        12,050   

Ratio of Earnings to Fixed Charges

     1.4x        1.9x        3.6x        3.8x        8.4x        25.9x   

 

(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.