Exhibit 12.1
Computation of ratio of earnings to fixed charges (a)
(dollars in thousands)
| Six Months Ended June 30, 2015 | Nine Months Ended December 31, 2014 | Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | Year Ended March 31, 2011 | ||||||||||||||||||
| Pre-tax income from continuing operations before adjustment for income or loss from equity investees | $ | (11,684 | ) | $ | 15,925 | $ | 49,892 | $ | 48,079 | $ | 39,406 | $ | 28,145 | ||||||||||
| Fixed charges | 13,367 | 4,378 | 4,833 | 3,582 | 2,650 | 2,189 | |||||||||||||||||
| Total earnings available for fixed charges | $ | 1,683 | $ | 20,303 | $ | 54,725 | $ | 51,661 | $ | 42,056 | $ | 29,960 | |||||||||||
| Fixed charges: | |||||||||||||||||||||||
| Interest component of rental payments | $ | 2,601 | $ | 3,920 | $ | 4,254 | $ | 3,214 | $ | 2,650 | $ | 2,189 | |||||||||||
| Interest expense | 10,766 | 458 | 579 | 368 | — | — | |||||||||||||||||
| Total fixed charges | 13,367 | 4,378 | 4,833 | 3,582 | 2,650 | 2,189 | |||||||||||||||||
| Ratio of earnings to fixed charges | * | 4.64x | 11.32x | 14.42x | 15.87x | 13.69x | |||||||||||||||||
* Earnings for the six months ended June 30, 2015 were inadequate to cover fixed charges by $11,684
| (a) | The Advisory Board had no preferred equity securities outstanding and did not pay preferred dividends in any of the periods presented. Consequently, the Advisory Board’s ratio of earnings to combined fixed charges and preferred stock dividends for each of such periods is identical to the Advisory Board’s ratio of earnings to fixed charges as indicated above. |
The Advisory Board computes its ratio of earnings to fixed charges by dividing pre-tax income (loss) from continuing operations, before adjustment for income or loss from equity investees, plus fixed charges and less capitalized interest, by fixed charges. Fixed charges consist of interest expense, including interest expense from amortized premiums, discounts and capitalized expenses related to indebtedness, and the estimated portion of rental expense deemed by the Advisory Board to be representative of the interest factor of rental payments under operating leases, which the Advisory Board estimates to be one-third of such payments.