Eagle Materials (EXP) 10-K 2015 FY Annual report

Exhibit12.1

		Fiscal Year Ended March 31,
		2015			2014			2013			2012			2011
Earnings: (1)
	Earnings before income taxes		252,927			181,804			84,096			21,912			16,762
	Add: Fixed charges		16,631			18,171			15,791			17,769			18,291
	Add: Amortization of capitalized interest and FIN 48 Interest	(3,311		)		1,177		945				(367	)		(932	)
	Add: Cash distributions from equity method investments		40,375			37,750			28,500			23,250			24,500
	Subtract: Income from equity method investments		(44,967	)		(37,811	)		(32,507	)		(28,528	)		(24,233	)
Total Earnings			261,655			201,091			96,825			34,036			34,388
Fixed Charges: (2)
	Interest expense		15,590			17,646			15,467			17,530			17,995
	Interest component of rent expense	1,041			525			324			239			296
Total Fixed Charges			16,631			18,171			15,791			17,769			18,291
Ratio of Earnings to Fixed Charges		15.7x			11.1x			6.1x			1.9x			1.9x
(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.