EX-12.1 2 d463294dex121.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,  
     2012     2012     2011     2010     2009  

Earnings (1):

          

Earnings before income taxes

     73,340        21,912        16,762        39,297        62,183   

Add: Fixed charges

     11,092        17,769        18,291        19,060        24,714   

Add: Amortization of capitalized interest and FIN 48 Interest

     690        (367     (932     3,277        5,358   

Add: Cash distributions from equity method investments

     21,250        23,250        24,500        29,750        33,000   

Subtract: Income from equity method investments

     (24,070     (28,528     (24,233     (24,157     (32,426
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Earnings

     82,302        34,036        34,388        67,227        92,829   

Fixed Charges (2):

          

Interest expense

     10,913        17,530        17,995        18,760        24,433   

Interest component of rent expense

     179        239        296        300        281   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Charges

     11,092        17,769        18,291        19,060        24,714   

Ratio of Earnings to Fixed Charges

     7.4x        1.9x        1.9x        3.5x        3.8x   

 

(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.