EX-12.1 5 bgc-20151231_ex121.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges
(in millions)
 
Year ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
EARNINGS AS DEFINED
 
 
 
 
 
 
 
 
 
Earnings (loss) from operations before income taxes and before adjustments for minority interests in consolidated subsidiaries and after eliminating undistributed earnings of equity method investees from continuing operations
$
(139.3
)
 
$
(567.4
)
 
$
(6.9
)
 
$
66.1

 
$
90.7

Preferred stock dividend (pre-tax equivalent)
—

 
—

 
(0.3
)
 
(0.3
)
 
(0.3
)
Fixed charges
105.1

 
123.7

 
133.2

 
110.5

 
100.3

TOTAL EARNINGS, AS DEFINED
$
(34.2
)
 
$
(443.7
)
 
$
126.0

 
$
176.3

 
$
190.7

FIXED CHARGES, AS DEFINED
 
 
 
 
 
 
 
 
 
Interest expense
$
90.6

 
$
109.6

 
$
118.2

 
$
100.4

 
$
91.4

Amortization of capitalized expenses related to debt
4.1

 
3.8

 
3.9

 
3.3

 
4.4

Preferred stock dividend (pre-tax equivalent)
—

 
—

 
0.3

 
0.3

 
0.3

Interest component of rent expense
10.4

 
10.3

 
10.8

 
6.5

 
4.2

TOTAL FIXED CHARGES, AS DEFINED
$
105.1

 
$
123.7

 
$
133.2

 
$
110.5

 
$
100.3

RATIO OF EARNINGS TO FIXED CHARGES
(0.3
)
 
(3.6
)
 
0.9

 
1.6

 
1.9