Exhibit 12.1
EPAM SYSTEMS, INC.
Consolidated Ratio of Earnings to Fixed Charges
| Year Ended December 31, | ||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
| (in thousands, except ratio) | ||||||||||||||||||||
| Earnings: |
||||||||||||||||||||
| Income from continuing operations before income taxes |
$ | 65,863 | $ | 52,792 | $ | 31,095 | $ | 14,407 | $ | 7,751 | ||||||||||
| Add: Fixed charges |
3,879 | 2,878 | 2,317 | 2,318 | 2,923 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Earnings (as defined) |
$ | 69,742 | $ | 55,670 | $ | 33,412 | $ | 16,725 | $ | 10,674 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Fixed charges: |
||||||||||||||||||||
| Total interest expense |
$ | 14 | $ | 37 | $ | 76 | $ | 185 | $ | 129 | ||||||||||
| Interest factor in rents(1) |
3,865 | 2,841 | 2,241 | 2,133 | 2,794 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total fixed charges |
$ | 3,879 | $ | 2,878 | $ | 2,317 | $ | 2,318 | $ | 2,923 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Earnings |
$ | 69,742 | $ | 55,670 | $ | 33,412 | $ | 16,725 | $ | 10,674 | ||||||||||
| Fixed charges |
3,879 | 2,878 | 2,317 | 2,318 | 2,923 | |||||||||||||||
| Ratio of earnings to fixed charges |
18.0 x | 19.3 x | 14.4 x | 7.2 x | 3.7 x | |||||||||||||||
| (1) | Represents one-third of net rental expense, which we believe is representative of the interest factor. |