EX-12.1 8 exhibit121_4qxfy14.htm EXHIBIT 12.1 Exhibit 12.1_4Q_FY14

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, 2014:
 
 
 
Fiscal year ended March 31,
 
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
(dollars in thousands)
Earnings:
 
 
 
 
 
 
 
 
 
 
Income before provision for income taxes
 
$
163,747

 
$
230,233

 
$
191,259

 
$
151,444

 
$
87,255

Plus: fixed charges
 
29,792
 
29,977
 
27,821
 
32,679
 
32,573
 
 
 
 
 
 
 
 
 
 
 
Total
 
$
193,539

 
$
260,210

 
$
219,080

 
$
184,123

 
$
119,828

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense including capitalized interest
 
$
18,151

 
$
18,947

 
$
17,281

 
$
23,330

 
$
23,587

Interest within rental expense
 
11,641
 
11,030
 
10,540
 
9,349
 
8,986
 
 
 
 
 
 
 
 
 
 
 
Total
 
$
29,792

 
$
29,977

 
$
27,821

 
$
32,679

 
$
32,573

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
6.50
 
8.68
 
7.87
 
5.63
 
3.68
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 $7,615, $7,001, $6,436, $5,917 and $5,439, respectively, for fiscal 2014 through fiscal 2010, (b) amortization of premiums, discounts and capitalized expenses related to indebtedness, and (c) portion of operating lease rental expense considered to be representative of the interest factor. 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.