Exhibit 12.1
| Six Months | ||||||||||||||||||||
| Ended September 30, | Fiscal Year Ended March 31, | |||||||||||||||||||
| 2013 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Earnings(1): | ||||||||||||||||||||
Earnings before income taxes | 103,204 | 84,096 | 21,912 | 16,762 | 39,297 | |||||||||||||||
Add: Fixed charges | 9,588 | 15,791 | 17,769 | 18,291 | 19,060 | |||||||||||||||
Add: Amortization of capitalized interest and FIN 48 Interest | 594 | 945 | (367 | ) | (932 | ) | 3,277 | |||||||||||||
Add: Cash distributions from equity method investments | 20,500 | 28,500 | 23,250 | 24,500 | 29,750 | |||||||||||||||
Subtract: Income from equity method investments | (17,625 | ) | (32,507 | ) | (28,528 | ) | (24,233 | ) | (24,157 | ) | ||||||||||
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Total Earnings | 116,261 | 96,825 | 34,036 | 34,388 | 67,227 | |||||||||||||||
Fixed Charges(2): | ||||||||||||||||||||
Interest expense | 9,426 | 15,467 | 17,530 | 17,995 | 18,760 | |||||||||||||||
Interest component of rent expense | 162 | 324 | 239 | 296 | 300 | |||||||||||||||
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Total Fixed Charges | 9,588 | 15,791 | 17,769 | 18,291 | 19,060 | |||||||||||||||
Ratio of Earnings to Fixed Charges | 12.1x | 6.1x | 1.9x | 1.9x | 3.5x | |||||||||||||||
| (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. |