EXHIBIT 12.1 RATIO OF EARNINGS TO FIXED CHARGES UNITED DEFENSE L.P. ($ IN MILLIONS) YEAR ENDED NINE MONTHS ------------------------------- -------------------- 1994 1995 1996 1996 1997 --------- --------- --------- --------- --------- FIXED CHARGES: (1/3) of rent expense.................................................. $ 3.6 $ 4.3 $ 4.3 $ 3.3 $ 3.9 Interest expense....................................................... -- -- -- -- -- --------- --------- --------- --------- --------- Total Fixed Charges.................................................. $ 3.6 $ 4.3 $ 4.3 $ 3.3 $ 3.9 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- ADJUSTED EARNINGS: Equity earnings--foreign subsidiaries.................................. $ 12.4 $ 21.4 $ 31.9 $ 31.3 $ 13.5 Dividends received from foreign subsidiaries........................... 12.5 21.4 28.1 32.4 13.9 --------- --------- --------- --------- --------- Equity earnings adjustment (a)......................................... 0.1 0.0 (3.8) 1.1 0.4 Net income before taxes (b)............................................ 133.4 109.1 101.0 84.5 70.4 Fixed charges (from above) (c)......................................... 3.6 4.3 4.3 3.3 3.9 NUMERATOR: SUM OF (A), (B), & (C) Adjusted Income & Fixed Charges........................................ 137.1 113.4 101.5 88.9 74.7 --------- --------- --------- --------- --------- DENOMINATOR: Fixed charges.......................................................... 3.6 4.3 4.3 3.3 3.9 --------- --------- --------- --------- --------- RATIO OF EARNINGS TO FIXED CHARGES..................................... 38.1 26.4 23.6 26.9 19.2 --------- --------- --------- --------- --------- --------- --------- --------- --------- ---------