Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
We have computed the following ratio of earnings to fixed charges for each of the following periods on a consolidated basis. You should read the following ratio in conjunction with our consolidated financial statements and the notes to those financial statements.
| Year Ended March 31, | ||||||||||||
| 2016 | 2015 | 2014 | ||||||||||
| (amounts in thousands) | ||||||||||||
| Earnings before provision for income taxes | $ | 75,751 | $ | 78,313 | $ | 60,098 | ||||||
| Fixed charges | 2,014 | 2,601 | 2,150 | |||||||||
| Earnings before provision for income taxes plus fixed charges | $ | 77,765 | $ | 80,914 | $ | 62,248 | ||||||
Fixed charges: | ||||||||||||
| Interest expensed | $ | 1,778 | $ | 2,379 | $ | 1,948 | ||||||
| Estimate of interest included in rent expense | 235 | 221 | 202 | |||||||||
| Fixed charges | $ | 2,014 | $ | 2,601 | $ | 2,150 | ||||||
| Ratio of earnings to fixed charges (1) | 38.61 | 31.10 | 28.96 | |||||||||
| 1. | In calculating the ratio of earnings to fixed charges, “earnings” consist of pretax income (loss) plus fixed charges. “Fixed charges” represent interest incurred (whether expensed or capitalized) and an estimate of the interest within rental expense. |