EX-12.1 2 cownex12110k2014.htm EXHIBIT 12.1 COWN EX 12.1 (10K 2014)


Exhibit 12.1
Cowen Group, Inc.
Calculation of Ratio of Earnings to Total Fixed Charges

 
Year Ended December 31,
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings
(dollars in thousands)
Pre-tax income from continuing operations
$
57,836

 
$
18,297

 
$
(23,509
)
 
$
(98,610
)
 
$
(53,090
)
Less income (or plus loss) from equity investees
(54,536
)
 
(16,100
)
 
(15,600
)
 
(5,400
)
 
(3,400
)
Plus: fixed charges
17,150

 
6,248

 
8,027

 
10,590

 
13,578

Plus: amortization of capitalized interest
—

 
—

 
—

 
—

 
—

Plus: distributed income of equity investees
20,292

 
19,475

 
8,053

 
3,775

 
2,642

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
(15,564
)
 
(13,193
)
 
(72
)
 
5,827

 
13,727

Total Earnings
25,178

 
14,727

 
(23,101
)
 
(83,818
)
 
(26,543
)
Amortization of discount
4,685

 
—

 
—

 
—

 
—

Interest expense on debt
4,772

 
—

 
—

 
—

 
—

Other interest expense
7,693

 
6,248

 
8,027

 
10,590

 
13,578

Fixed Charges
$
17,150

 
$
6,248

 
$
8,027

 
$
10,590

 
$
13,578

Ratio of earnings to fixed charges
1.47

 
2.36

 
—

 
—

 
—


For the years ended December 31, 2012, 2011, and 2010, we had earnings-to-fixed charges deficiencies of approximately $23,101,000, $83,818,000, and $26,543,000, respectively.