EXHIBIT 12
STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for the periods indicated:
Ratio of earnings to fixed charges
In thousands (‘000)
| Nine Months Ended December 31, 2017 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Earnings before income taxes | $ | 24,482 | $ | 88,213 | 66,810 | $ | 70,872 | $ | 44,257 | $ | 48,687 | |||||||||||||
Fixed charges | 38,193 | 30,159 | 30,181 | 29,159 | 25,136 | 25,963 | ||||||||||||||||||
Depreciation of capitalized interest | 21 | 14 | 3 | 1 | — | — | ||||||||||||||||||
Less: Capitalized interest | (193 | ) | (145 | ) | (106 | ) | (29 | ) | — | — | ||||||||||||||
Less: Net income attributable to noncontrolling interest | (15 | ) | (369 | ) | (90 | ) | — | — | — | |||||||||||||||
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| 62,488 | $ | 117,872 | $ | 96,798 | $ | 100,003 | $ | 69,393 | $ | 74,650 | ||||||||||||||
Fixed charges | ||||||||||||||||||||||||
Interest within rental expense | $ | 3,995 | $ | 4,256 | $ | 4,307 | $ | 4,332 | $ | 3,816 | $ | 3,597 | ||||||||||||
Interest expense | 34,628 | 25,488 | 25,751 | 26,386 | 21,776 | 22,237 | ||||||||||||||||||
Capitalized interest | 193 | 145 | 106 | 29 | — | — | ||||||||||||||||||
Less: Loss on early extinguishment of debt | (660 | ) | — | — | (2,001 | ) | — | — | ||||||||||||||||
Interest on unrecognized tax benefits | 37 | 270 | 17 | 413 | (456 | ) | 129 | |||||||||||||||||
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| $ | 38,193 | $ | 30,159 | $ | 30,181 | $ | 29,159 | $ | 25,136 | $ | 25,963 | |||||||||||||
Ratio of earnings to fixed charges | 1.64 | 3.91 | 3.21 | 3.43 | 2.76 | 2.88 | ||||||||||||||||||
