Attached files
| file | filename |
|---|---|
| EX-31.1 - EXHIBIT 31.1 - VECTOR GROUP LTD | a2015q2ex311.htm |
| EX-32.2 - EXHIBIT 32.2 - VECTOR GROUP LTD | a2015q2-ex322.htm |
| EX-31.2 - EXHIBIT 31.2 - VECTOR GROUP LTD | a2015q2-ex312.htm |
| EX-32.1 - EXHIBIT 32.1 - VECTOR GROUP LTD | a2015q2-ex321.htm |
| EX-99.1 - EXHIBIT 99.1 - VECTOR GROUP LTD | vgr-063015xex991.htm |
| 10-Q - 10-Q - VECTOR GROUP LTD | a2015q210q.htm |
Exhibit 12.1
VECTOR GROUP LTD.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in Thousands, Except Ratios)
(Unaudited)
Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||
Earnings as defined: | ||||||||||||||||||||
Pre-tax income | 64,964 | 25,603 | 82,487 | 63,487 | 53,717 | 123,157 | 85,570 | |||||||||||||
Distributions from investees | 1,629 | 3,279 | 5,152 | 4,251 | 19,169 | 9,322 | 12,212 | |||||||||||||
Interest expense | 51,791 | 83,434 | 146,787 | 147,084 | 132,538 | 93,939 | 72,572 | |||||||||||||
(Income) loss in equity of affiliate | (2,194 | ) | 256 | (4,103 | ) | (22,925 | ) | (29,764 | ) | (19,966 | ) | (23,963 | ) | |||||||
Interest portion of rental expense (1) | 3,854 | 3,596 | 7,505 | 2,174 | 1,367 | 1,438 | 1,223 | |||||||||||||
Total earnings | 120,044 | 116,168 | 237,828 | 194,071 | 177,027 | 207,890 | 147,614 | |||||||||||||
Fixed charges as defined: | ||||||||||||||||||||
Interest expense | 51,791 | 83,434 | 146,787 | 147,084 | 132,538 | 93,939 | 72,572 | |||||||||||||
Interest portion of rent expense (1) | 3,854 | 3,596 | 7,505 | 2,174 | 1,367 | 1,438 | 1,223 | |||||||||||||
Total fixed charges | 55,645 | 87,030 | 154,292 | 149,258 | 133,905 | 95,377 | 73,795 | |||||||||||||
Ratio of earnings to fixed charges | 2.16 | 1.33 | 1.54 | 1.30 | 1.32 | 2.18 | 2.00 | |||||||||||||
________________________
(1) One third of rent expense is the portion deemed representative of the interest factor.