Exhibit 12.1
EPAM SYSTEMS, INC.
Consolidated Ratio of Earnings to Fixed Charges
| Quarter Ended March 31, 2016 |
Year Ended December 31, | |||||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
| (in thousands, except ratios) | ||||||||||||||||||||||||
| Earnings: |
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| Income from continuing operations before income taxes |
$ | 30,252 | $ | 106,070 | $ | 86,953 | $ | 76,770 | $ | 65,863 | $ | 52,792 | ||||||||||||
| Add: fixed charges: |
2,117 | 6,812 | 6,074 | 5,247 | 3,879 | 2,878 | ||||||||||||||||||
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| Earnings (as defined) |
$ | 32,369 | $ | 112,882 | $ | 93,027 | $ | 82,017 | $ | 69,742 | $ | 55,670 | ||||||||||||
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| Fixed charges: |
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| Total interest expense |
$ | 121 | $ | 124 | $ | 7 | $ | 26 | $ | 14 | $ | 37 | ||||||||||||
| Interest factor in rents(1) |
1,996 | 6,688 | 6,067 | 5,221 | 3,865 | 2,841 | ||||||||||||||||||
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| Total fixed charges |
$ | 2,117 | $ | 6,812 | $ | 6,074 | $ | 5,247 | $ | 3,879 | $ | 2,878 | ||||||||||||
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| Earnings |
$ | 32,369 | $ | 112,882 | $ | 93,027 | $ | 82,017 | $ | 69,742 | $ | 55,670 | ||||||||||||
| Fixed charges |
2,117 | 6,812 | 6,074 | 5,247 | 3,879 | 2,878 | ||||||||||||||||||
| Ratio of earnings to fixed charges |
15.3 | x | 16.6 | x | 15.3 | x | 15.6 | x | 18.0 | x | 19.3 | x | ||||||||||||
| (1) | Represents one-third of net rental expense, which we believe is representative of the interest factor. |