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Exhibit 12.1


Computation of ratio of earnings to fixed charges (a)
(dollars in thousands)

 
Three Months Ended March 31, 2016
 
Year Ended
December 31, 2015
 
Year Ended
March 31, 2014
 
Year Ended
March 31, 2013
 
Year Ended
March 31, 2012
 
Year Ended
March 31, 2011
Pre-tax income from continuing operations before adjustment for income or loss from equity investees
$
16,036

 
$
(99,418
)
 
$
48,661

 
$
47,728

 
$
39,406

 
$
28,145

Fixed charges
6,348

 
26,537

 
4,833

 
3,582

 
2,650

 
2,189

 
 
 
 
 
 
 
 
 
 
 
 
Total earnings available for fixed charges
$
22,384

 
$
(72,881
)
 
$
53,494

 
$
51,310

 
$
42,056

 
$
30,334

 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
   Interest component of rental payments
$
1,527

 
$
5,416

 
$
4,254

 
$
3,214

 
$
2,650

 
$
2,189

Interest expense
4,821

 
21,121

 
579

 
368

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
6,348

 
26,537

 
4,833

 
3,582

 
2,650

 
2,189

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
3.53x

 
*

 
11.06x

 
14.32x

 
15.87x

 
13.86x

 
 
 
 
 
 
 
 
 
 
 
 
 

*Earnings for the year ended December 31, 2015 were inadequate to cover fixed charges by $46,344.
(a)
The Advisory Board had no preferred equity securities outstanding and did not pay preferred dividends in any of the periods presented. Consequently, the Advisory Board’s ratio of earnings to combined fixed charges and preferred stock dividends for each of such periods is identical to the Advisory Board’s ratio of earnings to fixed charges as indicated above.
The Advisory Board computes its ratio of earnings to fixed charges by dividing pre-tax income (loss) from continuing operations, before adjustment for income or loss from equity investees, plus fixed charges and less capitalized interest, by fixed charges. Fixed charges consist of interest expense, including interest expense from amortized premiums, discounts and capitalized expenses related to indebtedness, and the estimated portion of rental expense deemed by the Advisory Board to be representative of the interest factor of rental payments under operating leases, which the Advisory Board estimates to be one-third of such payments.