EnerSys (ENS) 10-K 2015 FY Annual report

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

EnerSys

Computation of Ratio of Earnings to Fixed Charges

The following table sets forth the ratio of earnings to fixed charges of the Company for the five fiscal years ended March 31, 2016:

	Fiscal year ended March 31,
	2016		2015		2014		2013		2012
	(dollars in thousands)
Earnings:
Income before provision for income taxes	$	181,937	$	249,339	$	163,747	$	230,233	$	191,259
Plus: fixed charges	35,399		33,624		29,792		29,977		27,821
Total	$	217,336	$	282,963	$	193,539	$	260,210	$	219,080
Fixed charges:
Interest expense including capitalized interest	$	23,869	$	21,633	$	18,151	$	18,947	$	17,281
Interest within rental expense	11,530		11,991		11,641		11,030		10,540
Total	$	35,399	$	33,624	$	29,792	$	29,977	$	27,821
Ratio of earnings to fixed charges	6.14		8.42		6.50		8.68		7.87

NOTE: These ratios include EnerSys and its consolidated subsidiaries. The ratio of earnings to fixed charges was computed by dividing earnings by fixed charges for the periods indicated, where “earnings” consist of (1) earnings from operations before income taxes plus (2) fixed charges, and “fixed charges” consist of (a) interest, whether expensed or capitalized, on all indebtedness, including non-cash interest accreted on Convertible Notes of $1,330, $8,283, $7,614, $7,001 and $6,436, respectively, for fiscal 2016 through fiscal 2012, (b) amortization of premiums, discounts and capitalized expenses related to indebtedness, and (c) portion of operating lease rental expense considered to be representative of the interest factor. Interest related to uncertain tax positions is included in the tax provision in the Company’s Consolidated Statements of Income and is excluded from the computation of fixed charges.