EX-12.1 2 mant-9302012xex121.htm RATIO OF EARNINGS TO FIXED CHARGES MANT-9.30.2012-Ex 12.1


Exhibit 12.1

Ratio of Earnings to Fixed Charges

The following table provides our consolidated ratios of earnings to fixed charges (in thousands except ratios):

 
Nine months ended
September 30,
 
Year Ended December 31,
 
2012
 
2011
 
2010
 
2009
 
2008
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense (1)
$
11,874

 
$
15,304

 
$
12,233

 
$
1,141

 
$
3,978

Amortized premiums, discounts and capitalized expenses related to indebtedness (2)
1,004

 
1,291

 
937

 
300

 
280

Estimate of the interest within rental expense (3)
12,770

 
18,396

 
15,957

 
17,128

 
17,791

Total Fixed Charges
$
25,648

 
$
34,991

 
$
29,127

 
$
18,569

 
$
22,049

Earnings:
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations before income or loss from equity investees (4)
$
121,246

 
$
215,502

 
$
202,451

 
$
178,508

 
$
149,959

Fixed Charges
25,648

 
34,991

 
29,127

 
18,569

 
22,049

Distributed income of equity investees (4)
—

 
—

 
—

 
—

 
—

Total Earnings
$
146,894

 
$
250,493

 
$
231,578

 
$
197,077

 
$
172,008

Ratio of Earnings to Fixed Charges
5.7

 
7.2

 
8.0

 
10.6

 
7.8

 
 
 
 
 
 
 
 
 
 
(1) Interest expense consists of interest on indebtedness.
(2) Represents the amortization of financing costs incurred in connection with the Company's credit agreement and our 7.25% senior unsecured notes.
(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.