EX-12.1 8 c68329ex12-1.txt EX-12.1 COMPUTATION OF RATIOS TO FIXED CHARGES EXHIBIT 12.1 STIFEL FINANCIAL CORP. Ratio of Earnings to Fixed Charges
FOR THE YEARS ENDED DECEMBER 31, ---------------------------------------------------------------- 2001 2000 1999 1998 1997 ------- ------- ------- ------- ------- Earnings: Income before income taxes............... $ 3,387 $14,689 $10,973 $ 8,589 $ 9,421 Add back: Interest expense....................... 11,722 20,594 10,097 9,798 12,991 Rent expense (1)....................... 2,739 2,226 1,730 1,405 994 ------- ------- ------- ------- ------- Earnings............................. 17,848 37,509 22,800 19,792 23,406 ======= ======= ======= ======= ======= Fixed charges: Interest expense......................... 11,722 20,594 10,097 9,798 12,991 Rent expense............................. 2,739 2,226 1,730 1,405 994 ------- ------- ------- ------- ------- Fixed charges........................ $14,461 $22,820 $11,827 $11,203 $13,908 ======= ======= ======= ======= ======= Ratio of earnings to fixed charges........... 1.28x 1.64x 1.93x 1.77x 1.67x ======= ======= ======= ======= =======
(1) Represents one-third of rent expense, which Stifel Financial Corp. believes is a reasonable approximation of the interest factor of such rent expense.