EX-12 4 ex12.htm EXHIBIT 12
Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES

We have computed the following ratio of earnings to fixed charges for each of the following periods on a consolidated basis. You should read the following ratio in conjunction with our consolidated financial statements and the notes to those financial statements.

   
Year Ended March 31,
  
   
2017
    
2016
    
2015
  
    (amounts in thousands)  
Earnings before provision for income taxes
  
$
86,112
    
$
75,751
    
$
78,313
  
Fixed charges
    
1,809
      
2,014
      
2,601
  
Earnings before provision for income taxes plus fixed charges
  
$
87,921
    
$
77,765
    
$
80,914
  
                         
Fixed charges:
                        
Interest expensed
  
$
1,543
    
$
1,778
    
$
2,379
  
Estimate of interest included in  rent expense
    
266
      
236
      
222
  
Fixed charges
  
$
1,809
    
$
2,014
    
$
2,601
  
                         
Ratio of earnings to fixed charges (1)
    
48.60
      
38.61
      
31.10
  

1.
In calculating the ratio of earnings to fixed charges, “earnings” consist of pretax income (loss) plus fixed charges. “Fixed charges” represent interest incurred (whether expensed or capitalized) and an estimate of the interest within rental expense.