EX-12.1 3 dex121.htm EXHIBIT 12.1 Exhibit 12.1

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.