EXHIBIT 12.1
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended | ||||||||||||||||||||||||||||
Fiscal year ended March 31, | December 31, | December 31, | ||||||||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | 2009 | 2010 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 27.3 | $ | 60.7 | $ | 69.7 | $ | (58.1 | ) | $ | (12.8 | ) | $ | (10.1 | ) | $ | 1.0 | |||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense from continuing operations | 23.2 | 15.2 | 12.8 | 12.2 | 12.0 | 9.1 | 8.9 | |||||||||||||||||||||
Interest expense from discontinued operations | 0.2 | 0.5 | 1.0 | 0.2 | - | - | - | |||||||||||||||||||||
Amortization of deferred financing | 1.2 | 0.7 | 0.6 | 0.5 | 0.6 | 0.5 | 0.6 | |||||||||||||||||||||
Interest on capital lease obligations | - | - | 0.2 | 0.5 | 0.6 | 0.4 | 0.4 | |||||||||||||||||||||
Interest portion of rental expense | 1.3 | 1.4 | 1.8 | 1.9 | 1.8 | 1.4 | 1.4 | |||||||||||||||||||||
Total Earnings | $ | 53.2 | $ | 78.5 | $ | 86.1 | $ | (42.8 | ) | $ | 2.2 | $ | 1.3 | $ | 12.3 | |||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense from continuing operations | $ | 23.2 | $ | 15.2 | $ | 12.8 | $ | 12.2 | $ | 12.0 | $ | 9.1 | $ | 8.9 | ||||||||||||||
Interest expense from discontinued operations | 0.2 | 0.5 | 1.0 | 0.2 | - | - | - | |||||||||||||||||||||
Amortization of deferred financing fees | 1.2 | 0.7 | 0.6 | 0.5 | 0.6 | 0.5 | 0.6 | |||||||||||||||||||||
Interest on capital lease obligations | - | - | 0.2 | 0.5 | 0.6 | 0.4 | 0.4 | |||||||||||||||||||||
Interest portion of rental expense | 1.3 | 1.4 | 1.8 | 1.9 | 1.8 | 1.4 | 1.4 | |||||||||||||||||||||
Total Fixed charges | $ | 25.9 | $ | 17.8 | $ | 16.4 | $ | 15.3 | $ | 15.0 | $ | 11.4 | $ | 11.3 | ||||||||||||||
Ratio of earnings to fixed charges | 2.1 | 4.4 | 5.2 | (a) | (a) | (a) | 1.1 |
(a) | For the years ended March 31, 2009 and 2010 earnings were insufficient to cover fixed charges by approximately $58.1 million and $12.8 million, respectively. For the nine months ended December 31, 2009 earnings were insufficient to cover fixed charges by approximately $10.1 million. |