Exhibit 12.1
MANTECH INTERNATIONAL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The following table provides our consolidated ratios of earnings to fixed charges (in thousands except ratios):
| Year Ended December 31, | Three Months Ended March 31, | |||||||||||||||||
| 2005 | 2006 | 2007 | 2008 | 2009 | Pro Forma 2009(5) | 2009 | 2010 | Pro Forma 2010(5) | ||||||||||
Fixed Charges: | ||||||||||||||||||
Interest expense (1) | 3,165 | 2,375 | 5,103 | 3,978 | 1,141 | 15,644 | 303 | 997 | 3,625 | |||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness (2) | 83 | 83 | 393 | 280 | 300 | 493 | 69 | 138 | 138 | |||||||||
Estimate of the interest within rental expense (3) | 7,998 | 9,199 | 10,921 | 17,791 | 17,128 | 17,128 | 3,803 | 3,858 | 3,858 | |||||||||
Total Fixed Charges | 11,246 | 11,657 | 16,417 | 22,049 | 18,569 | 33,265 | 4,175 | 4,993 | 7,621 | |||||||||
Earnings: | ||||||||||||||||||
Pre-tax income from continuing operations before income or loss from equity investees (4) | 85,279 | 90,421 | 110,125 | 149,959 | 178,508 | 179,815 | 40,121 | 44,301 | 42,477 | |||||||||
Fixed charges | 11,246 | 11,657 | 16,417 | 22,049 | 18,569 | 33,265 | 4,175 | 4,993 | 7,621 | |||||||||
Distributed income of equity investees (4) | 2,962 | — | — | — | — | — | — | — | — | |||||||||
Total Earnings | 99,487 | 102,078 | 126,542 | 172,008 | 197,077 | 213,080 | 44,296 | 49,294 | 50,098 | |||||||||
Ratio of Earnings to Fixed Charges | 8.8 | 8.8 | 7.7 | 7.8 | 10.6 | 6.4 | 10.6 | 9.9 | 6.6 | |||||||||
| (1) | Interest expense consists of interest on indebtedness. |
| (2) | Represents the amortization of financing costs incurred in connection with the Company’s credit agreements. |
| (3) | The proportion of rental expense deemed to be representative of the interest factor is one third. |
| (4) | Equity Investees are investments accounted for using the equity method of accounting. |
| (5) | The pro forma calculations reflect the acquisition of Sensor Technologies Inc. (STI) as if it had occurred on January 1, 2009, as well as an assumed debt level of $200.0 million during each period with an interest expense calculated based on a 7.25% interest rate. |
