LABRANCHE & CO INC - FORM 10-K - EX-12 - STATEMENT RE COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - March 16, 2010

Attached files

file filename
10-K - FORM 10-K - LABRANCHE & CO INCd10k.htm
EX-21 - LIST OF SUBSIDIARIES - LABRANCHE & CO INCdex21.htm
EX-31.1 - CERTIFICATION OF GEORGE M.L. LABRANCHE, IV - LABRANCHE & CO INCdex311.htm
EX-23.2 - CONSENT OF KPMG LLP - LABRANCHE & CO INCdex232.htm
EX-32.1 - CERTIFICATION OF GEORGE M.L. LABRANCHE, IV - LABRANCHE & CO INCdex321.htm
EX-31.2 - CERTIFICATION OF JEFFREY A. MCCUTCHEON - LABRANCHE & CO INCdex312.htm
EX-32.2 - CERTIFICATION OF JEFFREY A. MCCUTCHEON - LABRANCHE & CO INCdex322.htm
EX-23.1 - CONSENT OF ROTHSTEIN, KASS & COMPANY, P.C. - LABRANCHE & CO INCdex231.htm

Exhibit 12

LaBRANCHE & CO INC. AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS (LOSS) TO FIXED CHARGES

(UNAUDITED)

(000’s omitted)

 

     For the Years Ended December 31,  
     2009     2008     2007     2006    2005  

(Loss) earnings:

            

Pre-tax (loss) income (1)

    $ (67,131 )    $ (149,817 )    $ (34,227 )    $ 179,085    $ (32,382 ) 

Add: fixed charges

      21,838        31,001        50,269        51,824      51,726   
                                       

Pre-tax (loss) earnings before fixed charges

    $ (45,293 )    $ (118,816 )      16,042      $ 230,909    $ 19,334   
                                       

Fixed charges:

            

Interest expense on all indebtedness (3)

    $ 20,969      $ 27,411      $ 48,291      $ 49,941    $ 50,018   

Other

      869        3,590        1,978        1,883      1,708   

Preferred stock dividend requirements

      —          —          —          —        —     
                                       

Total fixed charges

    $ 21,838      $ 31,001      $ 50,269      $ 51,824    $ 51,726   
                                       

Ratio of (loss) earnings to fixed charges (2)

      (2.07 )      (3.83 )      0.32        4.46      0.37   

 

(1) Pre-tax (loss) income does not include our loss from equity investees.

 

(2) The ratio of earnings to fixed charges for 2009 represents a $67.1 million deficiency which includes a $6.3 million loss associated with the Company’s NYX shares. The ratio of earnings to fixed charges for 2008 represents a $149.8 million deficiency which includes a $181.4 million loss associated with the Company’s NYX shares. The ratio of earnings to fixed charges for 2007 represents a $34.2 million deficiency which includes a $15.8 million loss associated with the Company’s NYX shares. The ratio of earnings to fixed charges for 2006 represents a $179.1 million surplus which includes a $238.6 million gain associated with the Company’s NYX shares.

 

(3) The fixed charge computation excludes certain inventory financing interest expense related to specialist and market making options, futures and ETF activities which are considered to be product costs rather than fixed charges as determined by management.

 

(4) Discontinued operations are excluded from all amounts.

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