Overtime -- exempt status determination for IT employees

Regarding overtime pay, I would like to determine if I should be considered exempt or non-exempt.
I work for an IT consulting firm, and am out in the field, working at clients in a desktop support capacity.
I do not supervise anyone, but rather work under others' supervision.
I am a salaried employee, under $50K, and my title is "engineer".
I am aware that titles are meaningless when it comes to determining exempt status.

Is time-and-a-half for overtime an absolute minimum?
My company doesn't seem to think so.
My company calculates my hourly rate by taking my annual salary and dividing that by 2200.
They have decided to pay me overtime at this rate, and not at time-and-a-half.
This seems completely ludicrous to me, based on my understanding of the law, and based on all of my previous employment experience.

Any suggestions would be very appreciated.

Thank you,

Warren Goldstein