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Exhibit 12.1


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

 
Six Months Ended June 30, 2017
 
Year Ended
December 31, 2016
 
Year Ended
December 31, 2015
 
Year Ended
March 31, 2014
 
Year Ended
March 31, 2013
 
Year Ended
March 31, 2012
Pre-tax income from continuing operations before adjustment for income or loss from equity investees
$
(8,317
)
 
$
55,612

 
$
(99,418
)
 
$
48,661

 
$
47,728

 
$
39,406

Fixed charges
14,797

 
24,418

 
26,537

 
4,833

 
3,582

 
2,650

 
 
 
 
 
 
 
 
 
 
 
 
Total earnings available for fixed charges
$
6,480

 
$
80,030

 
$
(72,881
)
 
$
53,494

 
$
51,310

 
$
42,056

 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
   Interest factor of rental expense
$
5,567

 
$
6,281

 
$
5,416

 
$
4,254

 
$
3,214

 
$
2,650

Interest expense
9,230

 
18,137

 
21,121

 
579

 
368

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
14,797

 
24,418

 
26,537

 
4,833

 
3,582

 
2,650

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
0.44x

 
3.28x

 
*
 
11.06x

 
14.32x

 
15.87x

 
 
 
 
 
 
 
 
 
 
 
 
 
* Earnings for the year ended December 31, 2015 were inadequate to cover fixed charges by $46,344

(a)
The Advisory Board Company had no preferred equity securities outstanding and did not pay preferred dividends in any of the periods presented. Consequently, the ratio of earnings to combined fixed charges and preferred stock dividends for each of such periods is identical to the ratio of earnings to fixed charges as indicated above.
The Advisory Board Company 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 Company to be representative of the interest factor of rental payments under operating leases, which the Company estimates to be one-third of such payments.