EX-12.1 2 exhibit121earningsratio.htm EXHIBIT 12.1
Exhibit 12.1
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS
The following table reflects the computation of the ratio of earnings to combined fixed charges and preference dividends for the periods presented (in thousands, except for ratios):

| Year Ended June 30,
| 2016 | 2015 | 2014 | 2013 | 2012
Computation of earnings: |  |  |  |  |
Earnings before taxes | 290,777 |  | 266,044 |  | 276,535 |  | 178,210 |  | 137,345 |
Add: |  |  |  |  |
(Income) losses attributable to non-controlling interests | (18 | ) | (79 | ) | 51 |  | — |  | — |
Fixed charges (see below) | 76,363 |  | 54,620 |  | 27,934 |  | 16,982 |  | 15,564 |
| 367,122 |  | 320,585 |  | 304,520 |  | 195,192 |  | 152,909 |
Computation of combined fixed charges and preference dividends: |  |  |  |  |
Fixed charges: |  |  |  |  |
Interest and other related expense, net | 76,363 |  | 54,620 |  | 27,934 |  | 16,982 |  | 15,564 |
Preference dividends | — |  | — |  | — |  | — |  | — |
Total combined fixed charges and preference dividends | 76,363 |  | 54,620 |  | 27,934 |  | 16,982 |  | 15,564 |
Ratio of earnings to fixed charges (1) | 4.81 |  | 5.87 |  | 10.90 |  | 11.49 |  | 9.82 |
Ratio of earnings to combined fixed charges and preference dividends (1) (2) | 4.81 |  | 5.87 |  | 10.90 |  | 11.49 |  | 9.82 |

__________
(1) For the purpose of these calculations, "earnings" is the amount resulting from adding together earnings before taxes, fixed charges, and losses attributable to non-controlling interests. "Fixed charges" includes interest expensed, capitalized and the amortization of capitalized expenses related to indebtedness.
(2) There were no preference shares outstanding for the indicated periods. Accordingly, the ratio of earnings to combined fixed charges and preference dividends was identical to the ratio of earnings to fixed charges for each period.