EX-12.1 2 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

 

     Nine  Months
Ended

December 31,
2010
       
       Fiscal Year Ended March 31,  
       2010     2009     2008     2007     2006  

Earnings (1):

            

Earnings before income taxes

     31,608        39,297        62,183        144,384        304,288        241,066   

Add: Fixed charges

     13,665        18,480        24,714        20,866        12,050        8,675   

Add: Amortization of capitalized interest and FIN 48 Interest

     69        3,857        5,358        6,597        30        —     

Add: Cash distributions from equity method investments

     20,250        29,750        33,000        37,750        29,000        27,250   

Subtract: Income from equity method investments

     (17,868     (24,157     (32,426     (33,982     (32,765     (26,917
                                                

Total Earnings

     47,724        67,227        92,829        175,615        312,603        250,074   

Fixed Charges (2):

            

Interest expense

     13,437        18,180        24,433        20,530        11,709        8,290   

Interest component of rent expense

     228        300        281        336        341        385   
                                                

Total Fixed Charges

     13,665        18,480        24,714        20,866        12,050        8,675   

Ratio of Earnings to Fixed Charges

     3.5x        3.6x        3.8x        8.4x        25.9x        28.8x   

 

(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.