EX-12.1 2 mant-6302013xex121.htm RATIO OF EARNINGS TO FIXED CHARGES MANT-6.30.2013-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):

 
Six months ended
June 30,
 
Year Ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense (1)
$
7,834

 
$
15,776

 
$
15,304

 
$
12,233

 
$
1,141

Amortized premiums, discounts and capitalized expenses related to indebtedness (2)
688

 
1,345

 
1,291

 
937

 
300

Estimate of the interest within rental expense (3)
7,408

 
17,354

 
18,396

 
15,957

 
17,128

Total Fixed Charges
$
15,930

 
$
34,475

 
$
34,991

 
$
29,127

 
$
18,569

Earnings:
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations before income or loss from equity investees (4)
$
67,111

 
$
154,954

 
$
215,502

 
$
202,451

 
$
178,508

Fixed Charges
15,930

 
34,475

 
34,991

 
29,127

 
18,569

Distributed income of equity investees (4)
—

 
—

 
—

 
—

 
—

Total Earnings
$
83,041

 
$
189,429

 
$
250,493

 
$
231,578

 
$
197,077

Ratio of Earnings to Fixed Charges
5.2

 
5.5

 
7.2

 
8.0

 
10.6

 
 
 
 
 
 
 
 
 
 
(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.