EX-12.1 5 d358278dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

EATON VANCE CORP.

COMPUTATION OF RATIO OF EANRINGS TO FIXED CHARGES(1)

 

    

Three Months
Ended
January 31,

2017

     

 

Year Ended October 31,

  
(in thousands, except ratios)       2016      2015      2014      2013      2012  

Pretax income, excluding equity in earnings of unconsolidated affiliates

    $ 98,583      $ 408,052      $ 369,384      $ 491,149      $ 359,453      $ 403,738  

Add: Fixed Charges

      9,140        36,475        36,517        36,787        40,375        40,752  

Distributed earnings of equity method investees

      2,905        11,460        15,908        16,079        16,869        11,369  

Less: Non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges

      3,703        23,250        8,096        11,537        12,265        41,437  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Earnings as adjusted

    $ 106,925      $ 432,737      $ 413,713      $ 532,478      $ 404,432      $ 414,422  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Fixed Charges:

                  

Interest expense on indebtedness

    $ 7,008      $ 28,031      $ 28,031      $ 28,031      $ 31,039      $ 32,500  

Amortized premiums, discounts and capitalized expenses related to indebtedness

      339        1,379        1,326        1,861        2,669        1,430  

Portion of rents representative of an appropriate interest factor

      1,793        7,065        7,160        6,895        6,667        6,822  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Fixed Charges

    $ 9,140      $ 36,475      $ 36,517      $ 36,787      $ 40,375      $ 40,752  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Ratio of Earnings to Fixed Charges

      11.70        11.86        11.33        14.47        10.02        10.17  

 

(1) These ratios include Eaton Vance and its consolidated subsidiaries. For purposes of calculating the ratio of earnings to fixed charges, earnings consist of pretax income less equity in earnings of unconsolidated affiliates, less net income attributable to non-controlling and other beneficial interests, plus fixed charges and distributed earnings of unconsolidated affiliates. Fixed charges include gross interest expense, amortization of deferred financing expenses and an amount equivalent to interest included in rental charges. We have assumed that one-third of rental expense is representative of the interest factor.