Exhibit 12.1
| Three Months Ended June 30 | Fiscal Year Ended March 31, | |||||||||||||||||||||||
| 2011 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
Earnings(1): | ||||||||||||||||||||||||
Earnings before income taxes | 1,039 | 16,762 | 39,297 | 62,183 | 144,384 | 304,288 | ||||||||||||||||||
Add: Fixed charges | 4,659 | 18,291 | 18,480 | 24,714 | 20,866 | 12,050 | ||||||||||||||||||
Add: Amortization of capitalized interest and FIN 48 Interest | 134 | (932 | ) | 3,857 | 5,358 | 6,597 | 30 | |||||||||||||||||
Add: Cash distributions from equity method investments | 5,000 | 24,500 | 29,750 | 33,000 | 37,750 | 29,000 | ||||||||||||||||||
Subtract: Income from equity method investments | (5,448 | ) | (24,233 | ) | (24,157 | ) | (32,426 | ) | (33,982 | ) | (32,765 | ) | ||||||||||||
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Total Earnings | 5,384 | 34,388 | 67,227 | 92,829 | 175,615 | 312,603 | ||||||||||||||||||
Fixed Charges(2): | ||||||||||||||||||||||||
Interest expense | 4,585 | 17,995 | 18,180 | 24,433 | 20,530 | 11,709 | ||||||||||||||||||
Interest component of rent expense | 74 | 296 | 300 | 281 | 336 | 341 | ||||||||||||||||||
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Total Fixed Charges | 4,659 | 18,291 | 18,480 | 24,714 | 20,866 | 12,050 | ||||||||||||||||||
Ratio of Earnings to Fixed Charges | 1.2x | 1.9x | 3.6x | 3.8x | 8.4x | 25.9x | ||||||||||||||||||
| (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. |
