EXHIBIT 12.1
Three Months Ended June 30, 2016 | Fiscal Year Ended March 31, | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Earnings:(1) | ||||||||||||||||||||||||
Earnings before income taxes | 67,276 | 219,252 | 252,927 | 181,804 | 84,096 | 21,912 | ||||||||||||||||||
Add: Fixed charges | 4,390 | 18,539 | 16,631 | 18,171 | 15,791 | 17,769 | ||||||||||||||||||
Add: Amortization of capitalized interest and FIN 48 Interest | 134 | 536 | (3,311 | ) | 1,177 | 945 | (367 | ) | ||||||||||||||||
Add: Cash distributions from equity method investments | 8,750 | 37,250 | 40,375 | 37,750 | 28,500 | 23,250 | ||||||||||||||||||
Subtract: Income from equity method investments | (7,980 | ) | (39,083 | ) | (44,967 | ) | (37,811 | ) | (32,507 | ) | (28,528 | ) | ||||||||||||
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Total Earnings | 72,570 | 236,494 | 261,655 | 201,091 | 96,825 | 34,036 | ||||||||||||||||||
Fixed Charges:(2) | ||||||||||||||||||||||||
Interest expense | 3,901 | 16,583 | 15,590 | 17,646 | 15,467 | 17,530 | ||||||||||||||||||
Interest component of rent expense | 489 | 1,956 | 1,041 | 525 | 324 | 239 | ||||||||||||||||||
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Total Fixed Charges | 4,390 | 18,539 | 16,631 | 18,171 | 15,791 | 17,769 | ||||||||||||||||||
Ratio of Earnings to Fixed Charges | 16.5x | 12.8x | 15.7x | 11.1x | 6.1x | 1.9x |
(1) | Earnings represent earnings before income taxes and before income from equity method investments plus: (a) fixed charges; and (b) cash distributions from equity method investments. |
(2) | Fixed charges include: (a) interest expense, whether expensed or capitalized, less interest accrued for uncertain tax positions; and (b) the portion of operating rental expense which management believes is representative of the interest component of rent expense. |