EX-12.1 2 cownex12110k2016.htm EXHIBIT 12.1 Exhibit


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

 
Year Ended December 31,
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings
(dollars in thousands)
Pre-tax income from continuing operations
$
(31,487
)
 
$
11,479

 
$
57,836

 
$
18,297

 
$
(23,509
)
Less income or plus loss from equity investees
(14,431
)
 
(3,419
)
 
(49,053
)
 
(16,100
)
 
(15,600
)
Plus: fixed charges
26,848

 
26,475

 
17,150

 
6,248

 
8,027

Plus: amortization of capitalized interest
—

 
—

 
—

 
—

 
—

Plus: distributed income of equity investees
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
(6,882
)
 
(15,246
)
 
(15,564
)
 
(13,193
)
 
(72
)
Total earnings
3,318

 
65,149

 
30,661

 
14,727

 
(23,101
)
Amortization of discount
6,885

 
6,302

 
4,685

 
—

 
—

Interest expense on debt
9,703

 
9,703

 
4,772

 
—

 
—

Other interest expense
10,260

 
10,470

 
7,693

 
6,248

 
8,027

Fixed charges
$
26,848

 
$
26,475

 
$
17,150

 
$
6,248

 
$
8,027

Ratio of earnings to fixed charges
0.12

 
2.46

 
1.79

 
2.36

 
(2.88
)
Preferred dividends
$
6,795

 
$
4,075

 
$
—

 
$
—

 
$
—

Ratio of earnings to preferred dividends
0.49

 
15.99

 
—

 
—

 
—

Fixed charges and preferred dividends
$
33,643

 
$
30,550

 
$
—

 
$
—

 
$
—

Ratio of earnings to fixed charges and preferred dividends
0.10

 
2.13

 
—

 
—

 
—


For the year ended December 31, 2012, we had earnings-to-fixed charges deficiencies of approximately $23,101,000.