How exactly does armor work?

from Sins Forums
I know it's not a straight take off however much armor you have from each weapon hit, because I modded in a bunch of armor to test it and it didn't seem to have that dramatic an effect. It could be felt, but it didn't make the ships invulnerable or anything. So is it a mitigation percentage or what?
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Reply #1 from Sins Forums Top
Check this thread

Reply #24. We don't have the exact formula for it, but it basically is based on diminishing returns. The thread linked has a graph that approximates the function pretty well