NATIONAL FINANCIAL PARTNERS CORP - FORM 10-Q - EX-12.1 - COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES & PREFERRED DIVIDENDS - May 1, 2012

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EXCEL - IDEA: XBRL DOCUMENT - NATIONAL FINANCIAL PARTNERS CORPFinancial_Report.xls
10-Q - FORM 10-Q - NATIONAL FINANCIAL PARTNERS CORPd331681d10q.htm
EX-99.1 - PRESS RELEASE, DATED APRIL 26, 2012 - NATIONAL FINANCIAL PARTNERS CORPd331681dex991.htm
EX-32.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350 - NATIONAL FINANCIAL PARTNERS CORPd331681dex322.htm
EX-31.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 - NATIONAL FINANCIAL PARTNERS CORPd331681dex311.htm
EX-10.1 - RESTRICTED STOCK UNIT NOTICE OF AWARD - NATIONAL FINANCIAL PARTNERS CORPd331681dex101.htm
EX-32.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350 - NATIONAL FINANCIAL PARTNERS CORPd331681dex321.htm
EX-31.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 - NATIONAL FINANCIAL PARTNERS CORPd331681dex312.htm

Exhibit 12.1

NATIONAL FINANCIAL PARTNERS CORP.

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED DIVIDENDS

(Amounts in thousands of dollars, except ratios)

 

     Three Months Ended
March 31, 2012		      Years Ended December 31,  
      2011      2010      2009     2008      2007  

Income (loss) before income taxes (a)

    $ 7,393       $ 65,319       $ 69,039       $ (567,770 )    $ 41,809       $ 91,956   

Add:

                 

Interest Expense(a)

    $ 3,754       $ 14,250       $ 15,662       $ 18,187      $ 19,832       $ 16,587   

Amortization of debt-related expenses

      367         1,483         2,871         2,380        1,932         1,723   

Appropriate portion of rents(b)

      1,647         6,648         7,019         9,297        7,306         5,400   
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  
     5,768         22,381         25,552         29,864        29,070         23,710   
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Earnings available for fixed charges

    $ 13,161       $ 87,700       $ 94,591       $ (537,906 )    $ 70,879       $ 115,666   
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Fixed Charges:

                 

Interest Expense(a)

    $ 3,754       $ 14,250       $ 15,662       $ 18,187      $ 19,832       $ 16,587   

Amortization of debt-related expenses

      367         1,483         2,871         2,380        1,932         1,723   

Appropriate portion of rents(b)

      1,647         6,648         7,019         9,297        7,306         5,400   
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Total Fixed Charges

    $ 5,768       $ 22,381       $ 25,552       $ 29,864      $ 29,070       $ 23,710   
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Ratio of Earnings to Combined Fixed Charges and Preferred Dividends (c)

      2.28x         3.92x         3.70x         N/M        2.44x         4.88x   

 

N/M indicates the metric is not meaningful

 

(a) Interest expense and Income before income taxes exclude interest expense accrued on uncertain tax positions. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. As of March 31, 2012, the Company had accrued interest related to unrecognized tax benefits of $1.1 million.
(b) Portion of rental expenses which is deemed representative of an interest factor, which is approximately twenty percent of total rental expense.
(c) Earnings for the year ended December 31, 2009 were inadequate to cover fixed charges and earnings available for fixed charges must be approximately $29.9 million in order to attain a ratio of earnings to combined fixed charges and preferred dividends of one-to-one.

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