EX-12.1 4 cowen-sx3xexhibit12xratioo.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1

Cowen Inc.
Calculation of Ratio of Earnings to Total Fixed Charges

($ in thousands)
Nine Months Ended September 30, 2017
Year ended December 31,
Earnings
2016
2015
2014
2013
2012
Pre-tax income from continuing operations before adjustment for income
53,909
(31,487)
11,479
57,836
18,297
(23,509)
Less income (or plus loss) from equity investees
(12,141)
(14,431)
(3,419)
(49,053)
(16,100)
(15,600)
Plus: fixed charges
24,276
26,848
26,475
17,150
6,248
8,027
Plus: amortization of capitalized interest
-
-
-
-
-
-
Plus: distributed income of equity investees
11,748
29,270
45,860
20,292
19,475
8,053
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
(35,412)
(6,882)
(15,246)
(15,564)
(13,193)
(72)
Total Earnings
42,380
3,318
65,149
30,661
14,727
(23,101)
Fixed Charges
 
 
 
 
 
 
Amortization of discount
5,601
6,885
6,302
4,685
-
-
Plus: interest expense on debt
7,290
9,703
9,703
4,772
-
-
Plus: other interest expense
11,385
10,260
10,470
7,693
6,248
8,027
Total Fixed Charges
24,276
26,848
26,475
17,150
6,248
8,027
Ratio of earnings to fixed charges
1.75
0.12
2.46
1.79
2.36
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