Exhibit 12.1
Ratio of Earnings to Fixed Charges
Total enterprise
Total enterprise
Nine Months Ended December 31, | Fiscal Years Ended March 31, | |||||||||||||||||||||||||||
2004 | 2003 | 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||||||
(A) Interest Expensed and Capitalized | 349,376 | 279,918 | 378,718 | 318,349 | 271,290 | 187,794 | 126,815 | |||||||||||||||||||||
Interest on JV’s with guaranteed debt | 1,864 | 160 | 189 | 858 | — | — | — | |||||||||||||||||||||
(B) Amortized Premiums, Discounts and capitalized interest related to indebtedness | included in (A) | included in (A) | included in (A) | included in (A) | included in (A) | included in (A) | included in (A) | |||||||||||||||||||||
(C) An estimate of the interest within rental expense | 6,150 | 6,600 | 8,200 | 8,800 | 9,700 | 13,500 | 11,755 | |||||||||||||||||||||
(D) Preference security dividend requirements of consolidated subsidiaries | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
Total Fixed Charges | $ | 357,390 | $ | 286,678 | $ | 387,107 | $ | 328,007 | $ | 280,990 | $ | 201,294 | $ | 138,570 | ||||||||||||||
Earnings | ||||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||
(A) Pre-tax earnings | 998,294 | 754,221 | 1,149,064 | 747,350 | 580,230 | 404,812 | 306,300 | |||||||||||||||||||||
Losses on JV’s with guaranteed debt | (30 | ) | — | — | (194 | ) | — | — | — | |||||||||||||||||||
Add back: minority interest in consolidated subsidiaries | 1,904 | 3,045 | 3,723 | — | — | — | — | |||||||||||||||||||||
Adjust for income or loss from equity investees | ||||||||||||||||||||||||||||
Subtract : CDC earnings (add back losses) | — | (7,493 | ) | (14,945 | ) | (12,534 | ) | (18,739 | ) | (4,616 | ) | (456 | ) | |||||||||||||||
Subtract : JV earnings if earnings exceed distributions (add back all losses) | (1,267 | ) | 779 | (2,646 | ) | (1,519 | ) | (4,267 | ) | 786 | 101 | |||||||||||||||||
998,901 | 750,552 | 1,135,196 | 733,103 | 557,224 | 400,982 | 305,945 | ||||||||||||||||||||||
(B) Add back: fixed charges | 357,390 | 286,678 | 387,107 | 328,007 | 280,990 | 201,294 | 138,570 | |||||||||||||||||||||
(C) Add back: Amortization of capitalized interest | 92,465 | 56,397 | 89,144 | 49,450 | 40,851 | 35,115 | — | |||||||||||||||||||||
(D) Add back: distributed income of equity investee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
(E) Your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
1,448,756 | 1,093,627 | 1,611,447 | 1,110,560 | 879,065 | 637,391 | 444,515 | ||||||||||||||||||||||
Subtract: | ||||||||||||||||||||||||||||
(A) Capitalized Interest | (132,793 | ) | (78,016 | ) | (115,186 | ) | (73,602 | ) | (53,568 | ) | (41,153 | ) | — | |||||||||||||||
(B) Preference security dividend requirements of consolidated subsidiaries | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
(C) Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
(132,793 | ) | (78,016 | ) | (115,186 | ) | (73,602 | ) | (53,568 | ) | (41,153 | ) | — | ||||||||||||||||
Total Earnings | $ | 1,315,963 | $ | 1,015,611 | $ | 1,496,261 | $ | 1,036,958 | $ | 825,497 | $ | 596,238 | $ | 444,515 | ||||||||||||||
Ratio of earnings to fixed charges | 3.68 | 3.54 | 3.87 | 3.16 | 2.94 | 2.96 | 3.21 |
Ratio of Earnings to Fixed Charges
Total enterprise (with financial services reflected on the equity method)
Total enterprise (with financial services reflected on the equity method)
Nine Months Ended December 31, | Fiscal Years Ended March 31, | |||||||||||||||||||||||||||
2004 | 2003 | 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||||||
(A) Interest Expensed and Capitalized | 146,953 | 113,226 | 154,866 | 133,898 | 112,145 | 95,222 | 65,139 | |||||||||||||||||||||
Interest on JV with guaranteed debt | 1,864 | 160 | 189 | 858 | — | — | — | |||||||||||||||||||||
(B) Amortized Premiums, Discounts and capitalized interest related to indebtedness | included in (A) | included in (A) | included in (A) | included in (A) | included in (A) | included in (A) | included in (A) | |||||||||||||||||||||
(C) An estimate of the interest within rental expense | 3,975 | 4,650 | 5,300 | 6,200 | 7,000 | 8,182 | 6,279 | |||||||||||||||||||||
(D) Preference security dividend requirements of consolidated subsidiaries | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
Total Fixed Charges | 152,792 | 118,036 | 160,355 | 140,956 | 119,145 | 103,404 | 71,418 | |||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||
(A) Pre-tax earnings | 998,294 | 754,221 | 1,149,064 | 747,350 | 580,230 | 404,812 | 306,300 | |||||||||||||||||||||
Losses on JV’s with guaranteed debt | (30 | ) | — | — | (194 | ) | — | — | — | |||||||||||||||||||
Add back: minority interest in consolidated subsidiaries | — | — | — | — | — | — | — | |||||||||||||||||||||
Adjust for income or loss from equity investees | ||||||||||||||||||||||||||||
Subtract: Financial Services earnings (pre-tax) | (156,829 | ) | (185,752 | ) | (230,301 | ) | (161,825 | ) | (114,733 | ) | (19,667 | ) | (32,688 | ) | ||||||||||||||
Subtract : CDC earnings (add back losses) | — | (7,493 | ) | (14,945 | ) | (12,534 | ) | (18,739 | ) | (4,616 | ) | (456 | ) | |||||||||||||||
Subtract : JV earnings if earnings exceed distributions (add back all losses) | (1,267 | ) | 779 | (2,646 | ) | (1,519 | ) | (4,267 | ) | 786 | 101 | |||||||||||||||||
840,168 | 561,755 | 901,172 | 571,278 | 442,491 | 381,315 | 273,257 | ||||||||||||||||||||||
(B) Add back: fixed charges | 152,792 | 118,036 | 160,355 | 140,956 | 119,145 | 103,404 | 71,418 | |||||||||||||||||||||
(C) Add back: Amortization of capitalized interest | 92,465 | 56,397 | 89,144 | 49,450 | 40,851 | 35,115 | — | |||||||||||||||||||||
(D) Add back: distributed income of equity investee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
(E) Your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
1,085,425 | 736,188 | 1,150,671 | 761,684 | 602,487 | 519,834 | 344,675 | ||||||||||||||||||||||
Subtract: | ||||||||||||||||||||||||||||
(A) Capitalized Interest | (132,793 | ) | (78,016 | ) | (115,186 | ) | (73,602 | ) | (53,568 | ) | (41,153 | ) | — | |||||||||||||||
(B) Preference security dividend requirements of consolidated subsidiaries | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
(C) Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
(132,793 | ) | (78,016 | ) | (115,186 | ) | (73,602 | ) | (53,568 | ) | (41,153 | ) | — | ||||||||||||||||
Total Earnings | $ | 952,632 | $ | 658,172 | $ | 1,035,485 | $ | 688,082 | $ | 548,919 | $ | 478,681 | $ | 344,675 | ||||||||||||||
Ratio of earnings to fixed charges | 6.23 | 5.58 | 6.46 | 4.88 | 4.61 | 4.63 | 4.83 |