EX-12.1 8 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

EnerSys

Computation of Ratio of Earnings to Fixed Charges

The following table sets forth the ratio of earnings to fixed charges of the Company for the five fiscal years ended March 31, 2011:

 

     Fiscal year ended March 31,  
     2011      2010      2009      2008      2007  
     (dollars in thousands)  

Earnings:

              

Income before provision for income taxes

   $ 151,444       $ 87,255       $ 119,100       $ 86,195       $ 63,102   

Plus: fixed charges

     32,679         32,573         37,544         39,140         38,638   
                                            

Total

     184,123         119,828         156,644         125,335         101,740   
                                            

Fixed charges:

              

Interest expense

   $ 23,330       $ 23,587       $ 27,795       $ 29,746       $ 29,613   

Interest within rental expense

     9,349         8,986         9,749         9,394         9,025   
                                            

Total

     32,679         32,573         37,544         39,140         38,638   
                                            

Ratio of earnings to fixed charges

     5.63         3.68         4.17         3.20         2.63   
                                            

NOTE: These ratios include EnerSys and its consolidated subsidiaries. The ratio of earnings to fixed charges was computed by dividing earnings by fixed charges for the periods indicated, where “earnings” consist of (1) earnings from operations before income taxes plus (2) fixed charges, and “fixed charges” consist of (a) interest, whether expensed or capitalized, on all indebtedness, including non-cash interest accreted on Convertible Notes of $5,917 and $5,439, respectively, in fiscal 2011 and fiscal 2010, (b) amortization of premiums, discounts and capitalized expenses related to indebtedness, and (c) an interest component representing one-third of total operating lease rental expense, which is that portion deemed to be interest. Interest related to uncertain tax positions is included in the tax provision in the Company’s Consolidated Statements of Income and is excluded from the computation of fixed charges.