Attached files
| file | filename |
|---|---|
| EX-1.1 - EX-1.1 - Ares Management Corp | a16-10855_5ex1d1.htm |
| 8-K - 8-K - Ares Management Corp | a16-10855_58k.htm |
Exhibit 12.1
ARES MANAGEMENT, L.P. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
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|
Three |
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Years ended December 31, |
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(Dollars in millions) |
|
2016 |
|
2015 |
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2014 |
|
2013 |
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2012 |
|
2011 |
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|
Interest expense and amortization of debt expense |
|
$ |
4.8 |
|
$ |
18.9 |
|
$ |
8.6 |
|
$ |
9.4 |
|
$ |
8.6 |
|
$ |
5.9 |
|
|
Swap interest expense |
|
0.2 |
|
1.3 |
|
1.3 |
|
1.2 |
|
0.6 |
|
1.6 |
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|
Preferred stock distribution (REIT) |
|
0.0 |
|
0.0 |
|
— |
|
— |
|
— |
|
— |
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Total fixed charges |
|
$ |
5.0 |
|
$ |
20.2 |
|
$ |
9.9 |
|
$ |
10.6 |
|
$ |
9.2 |
|
$ |
7.5 |
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|
|
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Pre-tax Income |
|
$ |
4.4 |
|
$ |
87.1 |
|
$ |
141.8 |
|
$ |
244.0 |
|
$ |
323.9 |
|
$ |
147.5 |
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|
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|
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Plus: |
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Fixed Charges |
|
5.0 |
|
20.2 |
|
9.9 |
|
10.6 |
|
9.2 |
|
7.5 |
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Less: |
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|
|
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|
|
|
|
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|
Equity (Income) Loss in earnings from affiliates |
|
0.1 |
|
(0.7 |
) |
(0.7 |
) |
(0.7 |
) |
— |
|
— |
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|
Preferred stock distribution (REIT) |
|
(0.0 |
) |
(0.0 |
) |
— |
|
— |
|
— |
|
— |
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Earnings as adjusted |
|
$ |
9.6 |
|
$ |
106.6 |
|
$ |
151.0 |
|
$ |
253.9 |
|
$ |
333.1 |
|
$ |
155.0 |
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Ratio of earnings to fixed charges |
|
1.9 |
|
5.2 |
|
15.2 |
|
23.9 |
|
36.2 |
|
20.7 |
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