EX-12.2

Exhibit 12.2

EPAM SYSTEMS, INC.

Consolidated Ratio of

Earnings to Combined Fixed Charges and Preferred Stock Dividends


	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


Combined fixed charges and preferred stock dividends:
Fixed charges	$	3,879	$	2,878	$	2,317	$	2,318	$	2,923
Preferred stock dividend⁽²⁾		—		20,906		1,573		4,710		7,543

Total combined fixed charges and preferred stock dividends	$	3,879	$	23,784	$	3,890	$	7,028	$	10,466


Earnings	$	69,742	$	55,670	$	33,412	$	16,725	$	10,674
Combined fixed charges and preferred stock dividends		3,879		23,784		3,890		7,028		10,466
Ratio of earnings to combined fixed charges and preferred stock dividends		18.0 x		2.3 x		8.6 x		2.4 x		1.0 x

(1)	Represents one-third of net rental expense, which we believe is representative of the interest factor.

(2)	Represents the amount of pretax earnings that would be required to cover accretion requirement and is calculated as accretion in the carrying value of our redeemable preferred stock divided by (1- our effective tax rate).