EX-12.1 2 bgc-20171231_ex121.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges
(in millions)
 
Year ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
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
$
(38.9
)
 
$
(98.1
)
 
$
(151.1
)
 
$
(636.1
)
 
$
27.0

Preferred stock dividend (pre-tax equivalent)
—

 
—

 
—

 
—

 
(0.3
)
Fixed charges
84.0

 
95.9

 
108.1

 
127.6

 
137.0

TOTAL EARNINGS, AS DEFINED
$
45.1

 
$
(2.2
)
 
$
(43.0
)
 
$
(508.5
)
 
$
163.7

FIXED CHARGES, AS DEFINED
 
 
 
 
 
 
 
 
 
Interest expense
$
75.8

 
$
84.2

 
$
92.9

 
$
112.5

 
$
121.0

Amortization of capitalized expenses related to debt
2.9

 
5.3

 
4.1

 
3.8

 
3.9

Preferred stock dividend (pre-tax equivalent)
—

 
—

 
—

 
—

 
0.3

Interest component of rent expense
5.3

 
6.4

 
11.1

 
11.3

 
11.8

TOTAL FIXED CHARGES, AS DEFINED
$
84.0

 
$
95.9

 
$
108.1

 
$
127.6

 
$
137.0

RATIO OF EARNINGS TO FIXED CHARGES
0.5

 
—

 
(0.4
)
 
(4.0
)
 
1.2