VECTOR GROUP LTD - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - November 8, 2016

Attached files

file	filename
10-Q - 10-Q - VECTOR GROUP LTD	a2016q310q.htm
EX-99.1 - EXHIBIT 99.1 - VECTOR GROUP LTD	a2016q3ex991.htm
EX-32.2 - EXHIBIT 32.2 - VECTOR GROUP LTD	a2016q3-ex322.htm
EX-32.1 - EXHIBIT 32.1 - VECTOR GROUP LTD	a2016q3-ex321.htm
EX-31.2 - EXHIBIT 31.2 - VECTOR GROUP LTD	a2016q3-ex312.htm
EX-31.1 - EXHIBIT 31.1 - VECTOR GROUP LTD	a2016q3ex311.htm

Exhibit 12.1

VECTOR GROUP LTD.

Computation of Ratio of Earnings to Fixed Charges

(Dollars in Thousands, Except Ratios)

(Unaudited)



	Nine Months Ended September 30,						Year Ended December 31,
	2016			2015			2015			2014			2013			2012			2011
Earnings as defined:
Pre-tax income	121,119			94,774			107,705			82,279			60,720			53,806			122,245
Distributions from investees	17,933			4,410			7,152			6,568			6,262			21,467			10,022
Interest expense	81,232			77,645			96,236			146,787			147,084			132,538			93,939
Income in equity of affiliate	(1,220	)		1,376			680			(7,243	)		(26,051	)		(30,028	)		(19,256	)
Interest portion of rental expense (1)	6,421			5,962			8,149			7,505			2,174			1,367			1,438
Total earnings	225,485			184,167			219,922			235,896			190,189			179,150			208,388
Fixed charges as defined:
Interest expense	81,232			77,645			96,236			146,787			147,084			132,538			93,939
Interest portion of rent expense (1)	6,421			5,962			8,149			7,505			2,174			1,367			1,438
Total fixed charges	87,653			83,607			104,385			154,292			149,258			133,905			95,377
Ratio of earnings to fixed charges	2.57			2.2			2.11			1.53			1.27			1.34			2.18

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(1) One third of rent expense is the portion deemed representative of the interest factor.