EX-12.1 2 a2220818zex-12_1.htm EX-12.1
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Exhibit 12.1

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

 
   Three Months
Ended
March 31,
2014 		  Year ended December 31,  
($ in thousands)
  2013   2012   2011   2010   2009  

Earnings

                                      

Pre-tax income from continuing operations before adjustment for income

     14,106     18,297     (23,509 )   (98,610 )   (53,090 )   (47,245 )

Less income (or plus loss) from equity investees

     (6,500 )   (16,100 )   (15,600 )   (5,400 )   (3,400 )   3,300  

Plus: fixed charges

     2,180     6,248     8,027     10,590     13,578     17,039  

Plus: amortization of capitalized interest

     —     —     —     —     —     —  

Plus: distributed income of equity investees

     9,282     19,475     8,053     3,775     2,642     3,526  

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

     (4,187 )   (13,193 )   (72 )   5,827     13,727     16,248  

Total Earnings

     14,881     14,727     (23,101 )   (83,818 )   (26,543 )   (7,132 )
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed Charges

     2,180     6,248     8,027     10,590     13,578     17,039  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges

     6.83     2.36     —     —     —     —  



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