Exhibit 12.1
Cowen Group, Inc.
Calculation of Ratio of Earnings to Total Fixed Charges
|
| Six Months |
| Year ended December 31, |
| ||||||||
($ in thousands) |
| June 30, 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
|
Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income from continuing operations before adjustment for income |
| 27,625 |
| 18,297 |
| (23,509 | ) | (98,610 | ) | (53,090 | ) | (47,245 | ) |
Less income (or plus loss) from equity investees |
| (10,200 | ) | (16,100 | ) | (15,600 | ) | (5,400 | ) | (3,400 | ) | 3,300 |
|
Plus: fixed charges |
| 6,461 |
| 6,248 |
| 8,027 |
| 10,590 |
| 13,578 |
| 17,039 |
|
Plus: amortization of capitalized interest |
| — |
| — |
| — |
| — |
| — |
| — |
|
Plus: distributed income of equity investees |
| 10,831 |
| 19,475 |
| 8,053 |
| 3,775 |
| 2,642 |
| 3,526 |
|
Plus: share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges |
| — |
| — |
| — |
| — |
| — |
| — |
|
Less: interest capitalized and preference security dividend requirements of consolidated subsidiaries |
| — |
| — |
| — |
| — |
| — |
| — |
|
Less: non-controlling interest in the pre-tax income of subsidiaries that have not incurred fixed charges |
| (9,403 | ) | (13,193 | ) | (72 | ) | 5,827 |
| 13,727 |
| 16,248 |
|
Total Earnings |
| 25,314 |
| 14,727 |
| (23,101 | ) | (83,818 | ) | (26,543 | ) | (7,132 | ) |
Fixed Charges |
| 6,461 |
| 6,248 |
| 8,027 |
| 10,590 |
| 13,578 |
| 17,039 |
|
Ratio of earnings to fixed charges |
| 3.92 |
| 2.36 |
| — |
| — |
| — |
| — |
|