Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - VECTOR GROUP LTD | a2018q1ex991.htm |
| EX-32.2 - EXHIBIT 32.2 - VECTOR GROUP LTD | a2018q1-ex322.htm |
| EX-32.1 - EXHIBIT 32.1 - VECTOR GROUP LTD | a2018q1-ex321.htm |
| EX-31.2 - EXHIBIT 31.2 - VECTOR GROUP LTD | a2018q1-ex312.htm |
| EX-31.1 - EXHIBIT 31.1 - VECTOR GROUP LTD | a2018q1ex311.htm |
| 10-Q - 10-Q - VECTOR GROUP LTD | a2018q110q.htm |
Exhibit 12.1
VECTOR GROUP LTD.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in Thousands, Except Ratios)
(Unaudited)
Three Months Ended March 31, | |||||||||||||||||||||||||||
2018 | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||
Earnings as defined: | |||||||||||||||||||||||||||
Pre-tax income | $ | 5,612 | $ | (7,007 | ) | $ | 89,168 | $ | 126,429 | $ | 107,705 | $ | 82,279 | $ | 60,720 | ||||||||||||
Distributions from investees | 3,497 | 7,243 | 39,431 | 24,793 | 7,152 | 6,568 | 6,262 | ||||||||||||||||||||
Interest expense | 35,380 | 37,650 | 137,766 | 111,272 | 96,236 | 146,787 | 147,084 | ||||||||||||||||||||
(Income) loss in equity of affiliate | 5,398 | (10,052 | ) | (20,630 | ) | (2,446 | ) | 680 | (7,243 | ) | (26,051 | ) | |||||||||||||||
Interest portion of rental expense (1) | 3,267 | 2,575 | 11,619 | 9,079 | 8,149 | 7,505 | 2,174 | ||||||||||||||||||||
Total earnings | $ | 53,154 | $ | 30,409 | $ | 257,354 | $ | 269,127 | $ | 219,922 | $ | 235,896 | $ | 190,189 | |||||||||||||
Fixed charges as defined: | |||||||||||||||||||||||||||
Interest expense | $ | 35,380 | $ | 37,650 | $ | 137,766 | $ | 111,272 | $ | 96,236 | $ | 146,787 | $ | 147,084 | |||||||||||||
Interest portion of rent expense (1) | 3,267 | 2,575 | 11,619 | 9,079 | 8,149 | 7,505 | 2,174 | ||||||||||||||||||||
Total fixed charges | $ | 38,647 | $ | 40,225 | $ | 149,385 | $ | 120,351 | $ | 104,385 | $ | 154,292 | 149,258 | ||||||||||||||
Ratio of earnings to fixed charges | 1.38 | 0.76 | 1.72 | 2.24 | 2.11 | 1.53 | 1.27 | ||||||||||||||||||||
________________________
(1) One third of rent expense is the portion deemed representative of the interest factor.