Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth the historical ratio of our earnings to our fixed charges for the periods indicated:
Nine Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
Fiscal Year Ended March 31, | December 31 , | |||||||||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | 2013 | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Earnings Available for Fixed Charges: | ||||||||||||||||||||||||
Earnings before provision for income taxes | $ | 22,048 | $ | 21,082 | $ | 40,568 | $ | 39,574 | $ | 58,745 | $ | 46,101 | ||||||||||||
Add: Fixed charges | 5,962 | 4,282 | 2,714 | 1,590 | 2,052 | 1,540 | ||||||||||||||||||
Add: Amortization of capitlized interest | - | - | - | - | - | - | ||||||||||||||||||
Add: Disctibuted income of equity investees | - | - | - | - | - | - | ||||||||||||||||||
Less: Interest capitalized | ||||||||||||||||||||||||
Less: Preferred returns to noncontrolling interest shareholders in consolidated subsidiaries | - | - | - | - | - | - | ||||||||||||||||||
Total earnings availabile for fixed charges | $ | 28,010 | $ | 25,364 | $ | 43,282 | $ | 41,164 | $ | 60,797 | $ | 47,641 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 5,808 | $ | 4,135 | $ | 2,564 | $ | 1,430 | $ | 1,868 | $ | 1,389 | ||||||||||||
Capitalized interest | - | - | - | - | - | - | ||||||||||||||||||
Preferred returns to noncontrolling interest shareholders in consolidated subsidiaries | - | - | - | - | - | - | ||||||||||||||||||
Portion of rental expense representative of interest factor | 154 | 147 | 150 | 160 | 184 | 151 | ||||||||||||||||||
Fixed charges | $ | 5,962 | $ | 4,282 | $ | 2,714 | $ | 1,590 | $ | 2,052 | $ | 1,540 | ||||||||||||
Ratio of earnings to fixed charges | 4.70 | 5.92 | 15.95 | 25.89 | 29.63 | 30.94 |