EXHIBIT 12.1
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| Six Months |
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| Ended September 30, |
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| Fiscal Year Ended March 31, |
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| 2018 |
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| 2018 |
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| 2017 |
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| 2016 |
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| 2015 |
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Earnings: (1) |
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| Earnings before income taxes |
| 176,814 |
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| 271,962 |
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| 294,519 |
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| 219,252 |
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| 252,927 |
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| Add: Fixed charges |
| 15,123 |
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| 30,986 |
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| 24,697 |
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| 18,539 |
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| 16,631 |
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| Add: Amortization of capitalized interest and FIN 48 Interest | 268 |
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| 536 |
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| 536 |
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| 536 |
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| (3,311 | ) | ||
| Add: Cash distributions from equity method investments |
| 19,500 |
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| 31,500 |
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| 43,250 |
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| 37,250 |
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| 40,375 |
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| Subtract: Income from equity method investments |
| (19,425 | ) |
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| (43,419 | ) |
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| (42,386 | ) |
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| (39,083 | ) |
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| (44,967 | ) |
Total Earnings |
| 192,280 |
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| 291,565 |
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| 320,616 |
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| 236,494 |
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| 261,655 |
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Fixed Charges: (2) |
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| Interest expense |
| 13,449 |
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| 27,638 |
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| 22,631 |
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| 16,583 |
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| 15,590 |
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| Interest component of rent expense | 1,674 |
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| 3,348 |
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| 2,066 |
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| 1,959 |
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| 1,041 |
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Total Fixed Charges |
| 15,123 |
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| 30,986 |
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| 24,697 |
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| 18,539 |
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| 16,631 |
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Ratio of Earnings to Fixed Charges | 12.7x |
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| 10.3x |
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| 13.0x |
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| 12.8x |
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| 15.7x |
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(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. |
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(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. |
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