EX-12.1 2 a2219041zex-12_1.htm EX-12.1

Exhibit 12.1

 

Nuveen Investments Inc. & Subsidiaries

Computation of Earnings to Fixed Charges

(in thousands, except for the ratio of earnings to fixed charges)

 

 

 

For the Year Ended
December 31,

 

For the Three
Months Ended
March 31,

 

 

 

2009

 

2010

 

2011

 

2012

 

2013

 

2013

 

2014

 

EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income/(loss) before taxes

 

$

(4,561

)

$

25,776

 

$

(26,446

)

$

(877,916

)

$

32,359

 

$

(3,824

)

$

(1,103

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

less: (income)/loss from noncontrolling interests

 

(1,653

)

(87,426

)

7,171

 

66,188

 

(29,516

)

(10,367

)

12,121

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

less: Symphony CLO V (income)/loss

 

(135,273

)

(24,949

)

7,576

 

(23,165

)

(4,725

)

(3,875

)

(997

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income/(loss) before taxes attributable to Nuveen Investments, before all non-controlling interests and Symphony CLO V

 

(141,487

)

(86,599

)

(11,699

)

(834,893

)

(1,882

)

(18,066

)

10,021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

318,061

 

320,635

 

330,072

 

351,712

 

295,630

 

83,280

 

68,699

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings, as defined

 

$

176,574

 

$

234,036

 

$

318,373

 

$

(483,181

)

$

293,748

 

$

65,214

 

$

78,720

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest expense

 

$

306,642

 

$

309,552

 

$

320,416

 

$

340,270

 

$

283,759

 

$

80,414

 

$

65,934

 

add: interest and dividend revenue

 

5,253

 

5,420

 

3,685

 

5,290

 

5,886

 

1,340

 

1,264

 

Gross interest expense

 

311,895

 

314,972

 

324,101

 

345,560

 

289,645

 

81,754

 

67,198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest component of rent expense (one-third of rent expense)

 

6,166

 

5,663

 

5,971

 

6,152

 

5,985

 

1,526

 

1,501

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Charges

 

$

318,061

 

$

320,635

 

$

330,072

 

$

351,712

 

$

295,630

 

$

83,280

 

$

68,699

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges:

 

0.56

 

0.73

 

0.96

 

(1.37

)

0.99

 

0.78

 

1.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficiency

 

$

(141,487

)

$

(86,599

)

$

(11,699

)

$

(834,893

)

$

(1,881

)

(18,066

)

n/a