Phi Tech Services S-4 Registration of securities issued in business combination transactions

Exhibit 12.1

Calculation of Ratio of Earnings to Fixed Charges

	Year Ended December 31,										Three months ended March 31, 2014
	2009		2010		2011		2012		2013
	(dollars in thousands)
Earnings
Pre-tax income	$	21,841	$	14,593	$	8,086	$	34,049	$	90,141	$	(8,513	)
Fixed charges		31,425		26,479		35,538		38,080		40,571		38,644
Earnings, as adjusted	$	53,266	$	41,072	$	43,624	$	72,129	$	130,712	$	30,131
Fixed Charges
Interest expensed and capitalized	$	15,144	$	16,614	$	27,096	$	28,701	$	29,060	$	33,284
Amortized premiums, discounts and capitalized expenses related to indebtedness		893		2,775		878		832		696		3,296
Estimate of the interest within rental expense		15,388		7,090		7,564		8,547		10,815		2,064
Fixed charges	$	31,425	$	26,479	$	35,538	$	38,080	$	40,571	$	38,644
Ratio of earnings to fixed charges		1.7x		1.6x		1.2x		1.9x		3.2x		0.8x