EX-12.1 6 exp-ex121_57.htm EX-12.1 exp-ex121_57.htm

EXHIBIT 12.1

 

 

Three Months

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ended

June 30,

 

 

Fiscal Year Ended March 31,

 

 

 

2018

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

Earnings: (1)

 

 

Earnings before income taxes

 

85,021

 

 

 

271,962

 

 

 

294,519

 

 

 

219,252

 

 

 

252,927

 

 

Add: Fixed charges

 

7,469

 

 

 

30,986

 

 

 

24,697

 

 

 

18,539

 

 

 

16,631

 

 

Add: Amortization of capitalized interest and FIN 48 Interest

134

 

 

 

536

 

 

536

 

 

 

536

 

 

 

(3,311

)

 

Add: Cash distributions from equity method investments

 

9,500

 

 

 

31,500

 

 

 

43,250

 

 

 

37,250

 

 

 

40,375

 

 

Subtract: Income from equity method investments

 

(9,251

)

 

 

(43,419

)

 

 

(42,386

)

 

 

(39,083

)

 

 

(44,967

)

Total Earnings

 

92,873

 

 

 

291,565

 

 

 

320,616

 

 

 

236,494

 

 

 

261,655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges: (2)

 

 

Interest expense

 

6,632

 

 

 

27,638

 

 

 

22,631

 

 

 

16,583

 

 

 

17,646

 

 

Interest component of rent expense

837

 

 

3,348

 

 

2,066

 

 

1,959

 

 

1,041

 

Total Fixed Charges

 

7,469

 

 

 

30,986

 

 

 

24,697

 

 

 

18,539

 

 

 

16,631

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

12.4x

 

 

10.3x

 

 

13.0x

 

 

12.8x

 

 

15.7x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.