Attached files
| file | filename |
|---|---|
| 8-K - 8-K - COWEN INC. | a14-17376_78k.htm |
| EX-1.1 - EX-1.1 - COWEN INC. | a14-17376_7ex1d1.htm |
| EX-99.1 - EX-99.1 - COWEN INC. | a14-17376_7ex99d1.htm |
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 |
|
— |
|
— |
|
— |
|
— |
|