EX-12.1 2 exp-ex121_17.htm EX-12.1

EXHIBIT 12.1

|  | Nine Months |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Ended December 31, |  |  | Fiscal Year Ended March 31, |
|  | 2016 |  |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2013 |
Earnings: (1) |
| Earnings before income taxes |  | 240,338 |  |  |  | 219,252 |  |  |  | 252,927 |  |  |  | 181,804 |  |  |  | 84,096 |
| Add: Fixed charges |  | 17,222 |  |  |  | 18,539 |  |  |  | 16,631 |  |  |  | 18,171 |  |  |  | 15,791 |
| Add: Amortization of capitalized interest and FIN 48 Interest | 402 |  |  |  | 536 |  |  | (3,311 | ) |  |  | 1,117 |  |  |  | 945 |
| Add: Cash distributions from equity method investments |  | 33,250 |  |  |  | 37,250 |  |  |  | 40,375 |  |  |  | 37,750 |  |  |  | 28,500 |
| Subtract: Income from equity method investments |  | (31,371 | ) |  |  | (39,083 | ) |  |  | (44,967 | ) |  |  | (37,811 | ) |  |  | (32,507 | )
Total Earnings |  | 259,841 |  |  |  | 236,494 |  |  |  | 261,655 |  |  |  | 201,091 |  |  |  | 96,825 |
Fixed Charges: (2) |
| Interest expense |  | 15,755 |  |  |  | 16,583 |  |  |  | 15,590 |  |  |  | 17,646 |  |  |  | 15,467 |
| Interest component of rent expense | 1,467 |  |  | 1,956 |  |  | 1,041 |  |  | 525 |  |  | 324 |
Total Fixed Charges |  | 17,222 |  |  |  | 18,539 |  |  |  | 16,631 |  |  |  | 18,171 |  |  |  | 15,791 |
Ratio of Earnings to Fixed Charges | 15.1x |  |  | 12.8x |  |  | 15.7.1x |  |  | 11.1x |  |  | 6.1x |
(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. |