Attached files
| file | filename |
|---|---|
| EX-31.2 - EXHIBIT 31.2 - COWEN INC. | cownex31210k2015.htm |
| EX-32.1 - EXHIBIT 32.1 - COWEN INC. | cownex3210k2015.htm |
| EX-23.1 - EXHIBIT 23.1 - COWEN INC. | cownex23110k2015.htm |
| EX-31.1 - EXHIBIT 31.1 - COWEN INC. | cownex31110k2015.htm |
| EX-21.1 - EXHIBIT 21.1 - COWEN INC. | cownex21110k2015.htm |
| 10-K - 10-K - COWEN INC. | a10k12312015.htm |
Exhibit 12.1
Cowen Group, Inc.
Calculation of Ratio of Earnings to Total Fixed Charges
Year Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Earnings | (dollars in thousands) | ||||||||||||||||||
Pre-tax income from continuing operations | $ | 11,479 | $ | 57,836 | $ | 18,297 | $ | (23,509 | ) | $ | (98,610 | ) | |||||||
Less income (or plus loss) from equity investees | (473 | ) | (49,053 | ) | (16,100 | ) | (15,600 | ) | (5,400 | ) | |||||||||
Plus: fixed charges | 26,475 | 17,150 | 6,248 | 8,027 | 10,590 | ||||||||||||||
Plus: amortization of capitalized interest | — | — | — | — | — | ||||||||||||||
Plus: distributed income of equity investees | 45,860 | 20,292 | 19,475 | 8,053 | 3,775 | ||||||||||||||
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 | (15,246 | ) | (15,564 | ) | (13,193 | ) | (72 | ) | 5,827 | ||||||||||
Total earnings | 68,095 | 30,661 | 14,727 | (23,101 | ) | (83,818 | ) | ||||||||||||
Amortization of discount | 6,302 | 4,685 | — | — | — | ||||||||||||||
Interest expense on debt | 9,703 | 4,772 | — | — | — | ||||||||||||||
Other interest expense | 10,470 | 7,693 | 6,248 | 8,027 | 10,590 | ||||||||||||||
Fixed charges | $ | 26,475 | $ | 17,150 | $ | 6,248 | $ | 8,027 | $ | 10,590 | |||||||||
Ratio of earnings to fixed charges | 2.57 | 1.79 | 2.36 | (2.88 | ) | (7.91 | ) | ||||||||||||
Preferred dividends | $ | 4,075 | $ | — | $ | — | $ | — | $ | — | |||||||||
Ratio of earnings to preferred dividends | 16.71 | — | — | — | — | ||||||||||||||
Fixed charges and preferred dividends | $ | 30,550 | $ | — | $ | — | $ | — | $ | — | |||||||||
Ratio of earnings to fixed charges and preferred dividends | 2.23 | — | — | — | — | ||||||||||||||
For the years ended December 31, 2012 and 2011, we had earnings-to-fixed charges deficiencies of approximately $23,101,000 and $83,818,000, respectively.