EX-12.1 7 ex12_1.htm EXHIBIT 12.1 ex12_1.htm

Exhibit 12.1
 
RATIO OF EARNINGS TO FIXED CHARGES
 
The following table sets forth the historical ratio of our earnings to our fixed charges for the periods indicated:
 
   
 
   
 
   
 
   
 
   
 
   
Nine Months
 
   
 
   
 
   
 
   
 
   
 
   
Ended
 
   
Fiscal Year Ended March 31,
   
December 31 ,
 
   
2009
   
2010
   
2011
   
2012
   
2013
   
2013
 
   
(Dollars in thousands)
 
   
 
   
 
   
 
   
 
   
 
   
 
 
Earnings Available for Fixed Charges:
 
 
   
 
   
 
   
 
   
 
   
 
 
Earnings before provision for income taxes
  $ 22,048     $ 21,082     $ 40,568     $ 39,574     $ 58,745     $ 46,101  
Add:  Fixed charges
    5,962       4,282       2,714       1,590       2,052       1,540  
Add:  Amortization of capitlized interest
    -       -       -       -       -       -  
Add:  Disctibuted income of equity investees
    -       -       -       -       -       -  
Less:  Interest capitalized
                                               
Less:  Preferred returns to noncontrolling interest shareholders in consolidated subsidiaries
    -       -       -       -       -       -  
Total earnings availabile for fixed charges
  $ 28,010     $ 25,364     $ 43,282     $ 41,164     $ 60,797     $ 47,641  
                                                 
                                                 
Fixed charges:
                                               
Interest expense
  $ 5,808     $ 4,135     $ 2,564     $ 1,430     $ 1,868     $ 1,389  
Capitalized interest
    -       -       -       -       -       -  
Preferred returns to noncontrolling interest shareholders in consolidated subsidiaries
    -       -       -       -       -       -  
Portion of rental expense representative of interest factor
    154       147       150       160       184       151  
Fixed charges
  $ 5,962     $ 4,282     $ 2,714     $ 1,590     $ 2,052     $ 1,540  
                                                 
Ratio of earnings to fixed charges
    4.70       5.92       15.95       25.89       29.63       30.94