Eagle Materials (EXP) 10-K 2014 FY Annual report

Exhibit 12.1

	Fiscal Year Ended March 31,
	2014			2013			2012			2011			2010
Earnings(1):
Earnings before income taxes		181,804			84,096			21,912			16,762			39,297
Add: Fixed charges		18,171			15,791			17,769			18,291			19,060
Add: Amortization of capitalized interest and FIN 48 Interest		1,177			945			(367	)		(932	)		3,277
Add: Cash distributions from equity method investments		37,750			28,500			23,250			24,500			29,750
Subtract: Income from equity method investments		(37,811	)		(32,507	)		(28,528	)		(24,233	)		(24,157	)
Total Earnings		201,091			96,825			34,036			34,388			67,227
Fixed Charges(2):
Interest expense		17,646			15,467			17,530			17,995			18,760
Interest component of rent expense		525			324			239			296			300
Total Fixed Charges		18,171			15,791			17,769			18,291			19,060
Ratio of Earnings to Fixed Charges		11.1x			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.