EX-12.1 3 bgc-201310k_ex121.htm EXHIBIT 12.1 BGC-2013 10K_EX 12.1
Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges
(in millions)
 
Year ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
EARNINGS AS DEFINED
 
 
 
 
 
 
 
 
 
Earnings from operations before income taxes and before adjustments for net income attributable to noncontrolling interests and after eliminating undistributed earnings of equity method investees
$
27.0

 
$
86.9

 
$
91.4

 
$
108.1

 
$
79.9

Preferred stock dividend (pre-tax equivalent)
(0.3
)
 
(0.3
)
 
(0.3
)
 
(0.3
)
 
(0.3
)
Fixed charges
137.0

 
114.6

 
104.7

 
82.1

 
92.7

TOTAL EARNINGS, AS DEFINED
$
163.7

 
$
201.2

 
$
195.8

 
$
189.9

 
$
172.3

FIXED CHARGES, AS DEFINED
 
 
 
 
 
 
 
 
 
Interest expense
$
121.0

 
$
103.5

 
$
94.8

 
$
73.7

 
$
82.1

Amortization of capitalized expenses related to debt
3.9

 
3.3

 
4.4

 
3.3

 
4.5

Preferred stock dividend (pre-tax equivalent)
0.3

 
0.3

 
0.3

 
0.3

 
0.3

Interest component of rent expense
11.8

 
7.5

 
5.2

 
4.8

 
5.8

TOTAL FIXED CHARGES, AS DEFINED
$
137.0

 
$
114.6

 
$
104.7

 
$
82.1

 
$
92.7

RATIO OF EARNINGS TO FIXED CHARGES
1.2

 
1.8

 
1.9

 
2.3

 
1.9