Exhibit 12.1

Associated Capital Group, Inc.
Unaudited Ratio of Earnings to Fixed Charges

($ in thousands)

	Six months ended		Year ended
	June 30,		December 31,
	2018	2017	2017	2016	2015
Income/(loss) before taxes and
noncontrolling interest	$   (12,855)	$   (17,125)	$       6,264	$     14,345	$       (2,576)
Fixed Charges	73	142	228	591	1,260
Adjusted Earnings	$   (12,782)	$   (16,983)	$       6,492	$     14,936	$       (1,316)
Ratio of earnings to fixed charges	nm	nm	28.4	25.3	nm